Cook, the first Black woman to serve on the Fed board, said she had "no intention of being bullied to step down" after Trump called for her resignation.

President Donald Trump has called on Federal Reserve Governor Lisa Cook to resign amid a claim by a top administration official that she may have engaged in so-called mortgage occupancy fraud by falsely labeling a secondary home as her primary residence to get better loan terms.

President Donald Trump said Friday that he will fire Federal Reserve governor Lisa Cook if she does not resign over mortgage fraud allegations, an escalation in the Trump administration’s pressure campaign on the central bank.