Trump Demands Resignation of Fed Governor Lisa Cook
Trump publicly demanded that Federal Reserve Governor Lisa Cook resign, citing allegations of mortgage fraud. Director of the Federal Housing Finance Agency, Bill Pulte, a Trump appointee, flagged that Cook designated two separate properties—in Michigan and Georgia—as her “primary residence” in 2021, potentially securing more favorable mortgage terms.
Cook has a Ph.D. in economics from the University of California, Berkeley, and was previously an economist at Michigan State University. Cook strongly rejected these calls and referred to them as political bullying. She stated that she has no intention of stepping down and is gathering accurate information to address any legitimate inquiries
If Trump successfully fires Cook, it would bring him closer to having his own appointees control the Fed's Board of Governors. Cook’s removal could shift the balance of power, raising concerns about the independence of the central bank. On her part, she has already stated that she intends to take any questions about her financial history so she is gathering the accurate information to answer any legitimate questions and provide the facts.
These accusations against Cook are not isolated. The Trump administration has launched similar mortgage fraud claims against other Democratic figures, including Senator Adam Schiff and New York Attorney General Letitia James—both of whom deny wrongdoing.
What I'm worried about is the president's demands for lower interest rates are not just rhetoric at this point. We have seen his insults of chair Jerome Powell.However, now that the administration is pursuing a sophisticated, multi front war to try to install loyalists atop the Fed it's really starting to feel like a hostile take over. I'm very unsettled, but do think we need to hold people to laws which just never seems to be the case when republicans are breaking laws left and right.
You received an upvote of 100% from Precious the Silver Mermaid!
Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.
It will be interesting to see what happens...
Yeah not happy I thought this was interesting since she is associated with MSU it hit close to home.
We can still hear many more interesting news like this in America. Trump will do what he wants.
Yup and no one is stopping it this is just the start
Yeah you are right.
I think Trump is becoming a bit too aggressive with achieving his goals, makes me believe there's probably more to it than what meets the eye but only time will tell what really comes out of it.
It is a take over don't worry
I think we might not really see any positive changes of trump during this tenure
Some think it's good
This is a really bold and controversial step from Trump. If the allegations against Lisa Cook are true, then of course they need to be looked at seriously. But if they are not, then it seems more like political pressure to push his own people into the Fed. Either way, this whole situation highlights how much politics can interfere with the independence of the Federal Reserve, which is supposed to stay neutral and focused on the economy, not politics.
Yes and not surprising either
It is hard to pull the truth from all the far left and far right rhetoric and stone throwing these days. Either way, the one-sided attacks and shameless abuse of power has resulted in many unqualified and blindly/desperately loyal morons in some of the most important positions of power.
What kind of system has been built that enables this to happen?
More scary.
I know they are all a bunch of crooks the whole lot left and right... It's a slow take over which they openly said they would do so this is what we get.
Those who are not reducing interest rates will have to be gradually let go
It's a take over right in front of our eyes