Trump's New Attack On The Federal Reserve

 

The delusional Malignant Fascist imagines himself controlling all facets of government, and if his cult had its way he would. His vicious attacks on Federal Reserve Board Chairman Jerome Powell for refusing to reduce interest rates is unprecedented.  Now, the MF is going after another member of the board, sending a letter "firing" Lisa Cook, and bringing up a bogus mortgage fraud charge as an excuse (much like he's going after New York Attorney General Letitia James and California Sen. Adam Schiff).  Cook is adamantly refusing to resign.  From NBC News:

"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.'

Trump cites a 'criminal referral' from Federal Housing Finance Agency Director William Pulte, in which Pulte accused Cook of mortgage fraud.

In a statement, Cook responded by saying: 'President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.'

Her attorney Abbe Lowell said in an accompanying statement that Trump's 'reflex to bully is flawed and his demands lack any proper process, basis or legal authority. We will take whatever actions are needed to prevent his attempted illegal action.'”  (our emphasis)

FHFA director Pulte is a wealthy builder and does what the MF orders, no matter how unethical or illegal. That the MF has no authority to fire a board member without legitimate, legal cause is no surprise, as the MF's pattern is to bluff, bully and engage in lawless acts to get his way.  He's also going out of his way to attack black officials -- mayors, governors, and civil servants -- to satisfy his own racism and that of his MAGA base.  We believe in Lisa Cook, the MF has a real fight on his hands.

BONUS:  Paul Krugman has an excellent read on why "We Are All Lisa Cook" now.

BONUS II:  The folks at electoral-vote.com make a good point --

"... Cook says she's most certainly not stepping down, and she's going to keep showing up to work. Trump will undoubtedly respond by filing suit, and trying to have her removed at the end of a judge's order. But again, his argument is as thin as watery oatmeal. And the Supreme Court, back in May, did everything possible to warn him to keep his grimy mitts off the Fed. In a decision where they allowed him to remove a member of the National Labor Relations Board, they also added that the Fed: "is a uniquely structured, quasi-private entity that follows in the historical tradition of the First and Second Banks of the United States." 

"So, he's going to lose, and he's going to look weak, and he's also going to fail to remove Powell..."

(photo: Powell and Cook conferring. AP / Mark Schiefelbein)