Lisa Cook -- Federal Reserve System -- Accused Of Mortgage Fraud -- August 26, 2025

Lisa Cook is a native of Georgia.

Lisa Cook is / was employed by University of Michigan at time of her appointment to the Federal Reserves.

• Michigan: Cook was a professor at Michigan State University before her appointment to the Federal Reserve Board. In June 2021, she secured a mortgage on a home in Ann Arbor, Michigan, which she certified as her "principal residence". She has reported rental income from this Michigan residence in financial filings.
• Georgia: A native of Georgia, Cook also took out a mortgage on a condominium in Atlanta in July 2021—just two weeks after the Michigan home—and allegedly certified it as her primary residence as well. It is unclear if she has voted in Michigan or Georgia, but her confirmation to the Federal Reserve was based on her Michigan residency.

As a member of the Board of Governors of the Federal Reserve System, Lisa Cook's salary is paid by the Federal Reserve Board

. The Board of Governors, which has sole control over its own buildings, would manage her access to its facilities.

Who pays Lisa Cook's salary?

• Source of funds: The Federal Reserve Board covers the salaries of its governors. The Board is self-sufficient and does not receive its funding through congressional appropriations from the federal budget.
• Mechanism of funding: The Board generates its income primarily from interest on U.S. government securities acquired through market operations, interest on loans to financial institutions, and fees for services.
• Congressional oversight: While not directly funded by congressional appropriation, the Federal Reserve remits its net earnings to the U.S. Treasury after covering its expenses.

Who controls building access?

• Federal Reserve Board: The Board of Governors maintains "sole control" over its buildings and any space within them. The board's own Law Enforcement Unit (LEU) is responsible for the physical security of Board properties.
• Security protocols: As with other federal facilities, access to Federal Reserve Board buildings requires verification. The Board maintains a Visitor Registration System for prescreening to ensure the security of the premises and personnel.
• ID pass: As a Board member, Cook would be issued an official credential by the Federal Reserve to grant her access to its facilities. The Board's Office of Inspector General has noted the need for robust processes to collect and deactivate access cards from departing personnel to prevent security vulnerabilities