Trump Pushes for Fed Influence: Controversy Over Governor Cook
Former President Donald Trump has intensified efforts to influence the U.S. Federal Reserve, threatening to fire Governor Lisa Cook if she does not resign over mortgage allegations. Cook, the first Black woman on the Fed board, refutes the claims while critics accuse Trump of undermining Fed independence.
The controversy surrounding the influence of U.S. President Donald Trump over the Federal Reserve has intensified, as he threatens to fire Governor Lisa Cook if she doesn't resign. The tension unfolds amidst allegations regarding mortgages held by Cook, marking a new effort by Trump to sway the central bank.
Cook, the first Black woman on the Federal Reserve Board, has pushed back against Trump's demand, stating she will not succumb to bullying tactics. Her stance underscores the challenge posed by governors whose appointments extend beyond Trump's time in office, complicating his quest for influence.
Critics, including top Democrat Maxine Waters, argue that Trump's actions seek to undermine the Fed's independence. Meanwhile, Treasury Secretary Scott Bessent searches for a new Fed chair, reflecting broader efforts to reshape the central bank's leadership under Trump's preferences.
(With inputs from agencies.)
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