US EditionTrump's Fed Firing: What to Know and Why It Matters
President Trump's firing of Federal Reserve Governor Lisa Cook challenges a 14-year term limit and "for cause" removal standard, prompting legal action over presidential authority.
- On Monday, President Donald Trump fired Federal Reserve Governor Lisa Cook, citing alleged mortgage-related misconduct, but Cook said he lacks authority and promised legal action with lawyer Abbe Lowell.
- On May 22, 2025 the U.S. Supreme Court issued a narrowly tailored order allowing removal of some agency officials, while the Federal Reserve Act sets 14-year terms with removal only 'for cause.'
- A criminal referral from the Federal Housing Finance Agency alleged Lisa DeNell Cook claimed two different homes as primary residences within a month, CNN reviewed mortgage records confirming this.
- Markets reacted as Fed funds futures priced over 89% chance of a rate cut at the mid-September policy meeting; Jaret Seiberg said, `This matters as the President's majority could reject the picks from the reserve banks in favor of picks that support lower rates`.
- Legal scholars warned that President Trump's attempt to fire a Federal Reserve governor is the first since 1913, raising unprecedented constitutional questions, with Jeremy Rosenthal noting, `They said NRLB officers get less protection than, say, Federal Reserve officials who they drew the distinction against.
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14 Articles
14 Articles
US President Donald Trump increases the pressure on the central bank, which is actually independent of the government. Now he announced the immediate dismissal of Lisa Cook from the Board of Governors. The move is legally controversial and also unprecedented in the history of the Federal Reserve. Europe's press sheds light on the background.
Coverage Details
Total News Sources14
Leaning Left4Leaning Right3Center4Last UpdatedBias Distribution36% Left, 36% Center
Bias Distribution
- 36% of the sources lean Left, 36% of the sources are Center
36% Center
L 36%
C 36%
R 27%
Factuality
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