The big picture: Top housing regulator Bill Pulte is accusing Fed governor Lisa Cook of mortgage fraud. President Trump is considering firing her for cause, per The Wall Street Journal, and called for her resignation on Truth Social.

The surprise early resignation of former Fed Governor Adriana Kugler, another Biden pick, gives Trump an early opening to nominate someone to the central bank’s board and steer its monetary policy trajectory more toward his preferred path. He has named one of his economic aides, Stephen Miran, to fill the slot on an interim basis.

While potential mortgage fraud is a serious offense, the use of a federal regulatory body to pursue a political appointee has been characterized as an even greater breach of public trust. A criminal referral for alleged mortgage fraud against Federal Reserve Governor Lisa Cook has ignited a firestorm,