US EditionTrump Flexes Executive Might over Economy
President Trump's firing of Fed Governor Lisa Cook threatens the Federal Reserve's independence amid rising U.S. debt, which now consumes nearly 20% of federal spending, experts say.
- On Monday, President Donald Trump fired Federal Reserve Board Governor Dr. Lisa D. Cook this week, citing mortgage-fraud allegations; Abbe Lowell, Cook's lawyer, said she will file a lawsuit while Cook claimed there was 'no cause' for removal.
- Economic analysts point to fiscal dominance as rising public debt exceeding 100% of GDP pressures the Federal Reserve, while President Donald Trump demands lower rates, citing 'costing taxpayers trillions,' and Fed Chair Jerome Powell signals possible cuts at the September 16 meeting.
- Dr. Lisa D. Cook's supporters note that before being targeted, she was a top economist and the first Black woman appointed to the Federal Reserve Board in 2022, while the Joint Center for Political and Economic Studies convened a coalition urging public support.
- Legal experts warn that the attack on Cook undermines Federal Reserve independence and marks a dangerous escalation, as removal is permitted only for 'cause' and she faces no charges, raising legal stakes.
- Looking ahead, analysts caution that the pressure on the Fed will persist regardless of who occupies the Oval Office due to a fiscal trajectory locked in years ago and Congress' refusal to act, with federal interest payments already absorbing nearly one-fifth of federal spending.
22 Articles
22 Articles
Constitution Gives Trump the Power To Fire the Fed’s Lisa Cook — Whether for ‘Cause’ or Otherwise
Arguments against terminating the central bank governor are a reminder of the administrative state’s role as a fourth branch of government, unmoored from direct political accountability.
Trump flexes executive might over economy
President Trump is exercising direct authority over the economy in ways that few recent presidents have, flexing his muscle over institutions, agencies and commercial sectors where executive power has long been considered unwelcome, if not altogether irrelevant. His no-holds-barred pressure campaign on the Federal Reserve, his reversal of post-war U.S. trade policy, his rejection of congressional budgetary mandates, his encroachment on private-s…
The Times of Northwest Indiana
Federal Reserve official sues administration
WASHINGTON — Federal Reserve Governor Lisa Cook sued the Trump administration Thursday to overturn the president's attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed's longstanding political independence.
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