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BumRushDaShow

(160,228 posts) Tue Aug 26, 2025, 09:47 AM Aug 26

Top Democrats rip Trump move to fire Lisa Cook from Federal Reserve board

Source: The Hill

08/26/25 8:11 AM ET

Top Democrats pounced on President Trump Monday after he moved to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations. Cook, who was appointed by former President Biden in 2022, has pledged to remain in the position, saying Trump has “no authority” to remove her.

“Any attempt to fire Lisa Cook from her position of Governor at the Federal Reserve is just the latest in Donald Trump’s DC partisan games to rig the economy for his billionaire donors at the expense of hardworking Americans,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement. The top Senate Democrat raised concerns about the stability of the economy, saying the effort to fire Cook “shreds the independence of the Fed and puts every American’s savings and mortgage at risk.”

“Donald Trump is playing a dangerous game of Jenga with a key pillar of our economy,” Schumer added in his statement. “This brazen power grab must be stopped by the courts before Trump does permanent damage to national, state, and local economies.” He continued, “And if the economy comes crashing down, if families lose their savings and Main Street pays the price, Donald Trump will own every ounce of the wreckage and devastation families feel.”

Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate committee that oversees the Federal Reserve, called the move “illegal.” “The illegal attempt to fire Lisa Cook is the latest example of a desperate President searching for a scapegoat to cover for his own failure to lower costs for Americans,” Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee, said in a statement. “It’s an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court.”

Read more: https://thehill.com/homenews/senate/5470290-democrats-donald-trump-lisa-cook-federal-reserve-board/

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Top Democrats rip Trump move to fire Lisa Cook from Federal Reserve board (Original Post) BumRushDaShow Aug 26 OP

MaddowBlog-Why Trump's offensive against the Fed's Lisa Cook is a 'five-alarm fire' LetMyPeopleVote Aug 26 #1

....but....but...is not Grump been convicted of mortgage fraud Gum Logger Aug 26 #2

LetMyPeopleVote

(169,852 posts)

1. MaddowBlog-Why Trump's offensive against the Fed's Lisa Cook is a 'five-alarm fire'

Reply to BumRushDaShow (Original post)

Tue Aug 26, 2025, 10:33 AM

Aug 26

At issue is an attempted White House power grab that ignores the rule of law and puts global economic stability at risk.

Why should people care about Trumpâ€™s offensive against the Fedâ€™s Lisa Cook?

At issue is an attempted White House power grab, launched by an authoritarian president, that ignores the rule of law and puts global economic stability at risk. www.msnbc.com/rachel-maddo...
— Steve Benen (@stevebenen.com) 2025-08-26T12:52:39.622Z

https://www.msnbc.com/rachel-maddow-show/maddowblog/trumps-offensive-feds-lisa-cook-five-alarm-fire-rcna227188

Evidently, he was serious — at least about his intentions. NBC News reported:

President Donald Trump is removing Federal Reserve Governor Lisa Cook effective immediately, according to a letter he posted to Truth Social on Monday night. In the letter, Trump writes: ‘Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.’

This is a story with a lot of moving parts, so let’s unpack the relevant details and review what we know.

Who’s Lisa Cook?

Joe Biden appointed Cook, an accomplished economist, to the Federal Reserve’s board of governors three years ago, and at that point, she became the first Black woman to serve on the Fed board. Her tenure has been uncontroversial, at least until last week.

.......Are the allegations credible?

There’s reason for skepticism. Pulte is both a critic of the Fed and a White House loyalist — The Washington Post, for example, recently described the FHFA chief as “a prominent Trump sidekick” — who’s conveniently started going after a variety of Trump targets with dubious claims of mortgage fraud.

......Has the U.S. Supreme Court weighed in on the subject?

As a matter of fact, it was just three months ago when Republican-appointed justices granted the president considerable power to oust officials serving in independent agencies, but simultaneously, the high court explicitly said that the Federal Reserve is a “uniquely structured, quasi-private entity.” That distinction appears to limit Trump’s powers over the Fed.

Why would Trump be so eager to target the Fed in the first place?

Because the White House wants to seize control over U.S. monetary policy, especially as it relates to interest rates. Trump has already launched an unprecedented campaign against Fed Chairman Jerome Powell, and if the president is able to force out Cook and replace her with someone who’ll do the White House’s bidding, it would gut the institution’s independence and shift power in the Oval Office’s direction.

Why would that be dangerous?

Gum Logger

(223 posts)

2. ....but....but...is not Grump been convicted of mortgage fraud

Reply to BumRushDaShow (Original post)

Tue Aug 26, 2025, 01:46 PM

Aug 26

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