• Federal Reserve Board Governor Lisa Cook sued to challenge her removal by President Donald Trump.
  • Trump said Monday that he was firing Cook because of allegations that she committed mortgage fraud.
  • Critics say that the move undermines the independence of the Fed, which sets key interest rates that affect mortgage rates and other debt rates.

I’ll note that the Supreme Court previously required that all firings of federal reserve officials by the President be for cause. So he had one of his henchmen cook up allegations, but couldn’t get an indictment for them, and wants to fire her over them just because.

  • Redfugee@lemmy.world
    5·
    4 days ago

    If this firing sticks there is no need to fire Powell, he’ll likely not be reappointed next May.

    • N0t_5ure@lemmy.world
      7·
      4 days ago

      His term as Fed Chair ends in May 2026. He’ll still be a voting governor when his chairmanship ends.

      • Redfugee@lemmy.world
        5·
        4 days ago

        Yes, but if this firing sticks and another fed governor is appointed, the administration will have a majority (4/7) to oust Powell next term.