"The move is a chilling escalation of Trump's weaponization of the DOJ against perceived political opponents. It's also part of an obvious and long-standing effort to gain control of the Fed. Like the politicization of law enforcement, seizing power over the central bank is a power grab straight out of the authoritarian playbook, and one with predictable, ugly outcomes for America's economy and democracy."
"From the moment he took office, the president began waging a very public campaign to bend the Fed to his will. He threatened to fire Chairman Jerome Powell on Truth Social, in the press, and behind closed doors. He even threatened to sue. When these attacks didn't bring Powell to heel, the president sicced his hunting hounds on the scent for a new mark, and Lisa Cook was the most convenient target."
"Trump lunged at the faintest whiff of misconduct that could serve as the pretext to fire Cook and free up a seat at the Fed for one of his lapdogs. (Indeed, the allegations against Cook are just that- allegations- and in any event, they relate to conduct that predates her time on the Federal Reserve and that has no relationship to the performance of her duties.)"
President Donald Trump escalated efforts to pressure the Federal Reserve and control interest rates, publicly and privately attacking Fed Chair Jerome Powell and threatening legal action. The Department of Justice opened a criminal probe into recently fired Fed governor Lisa Cook based on weak mortgage fraud allegations shortly after she sued to retain her seat. The probe's timing and the nature of the allegations suggest politicized use of law enforcement to remove a Fed governor. The objective appears to be installing loyalists to force lower interest rates and engineer short-term economic gains that risk severe long-term economic and democratic damage.
Read at Slate Magazine
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