"It is very important that the Federal Reserve remain an independent agency. If you were to give the president control of monetary policy, it would be a huge leap towards true executive authoritarianism. If you were to give this particular president control of monetary policy, he is very likely to turn the entire money supply into gold-leaf crypto with his face on it. Nevertheless, he is pretty plainly going to make a try at this."
"Now, he is presuming to fire Lisa Cook, a member of the Fed's Board of Governors for what seems to be a trumped up charge of mortgage fraud. Cook is the first Black woman to serve on the Board, which I am sure has nothing to do with the president's decision any more than the fact that she was appointed by President Biden. Yes, and I am the Tsar of all the Russias."
"From The Wall Street Journal: Trump said last week that he would fire Cook, the first Black woman to serve on the Fed's board, if she didn't resign, though it is legally unclear whether the president possesses such power. ... His letter followed several days of ramped up attacks on Cook. An image recently posted on Trump's social-media account included a photo purporting to be Cook that displayed a red X over the photo and labeled her as The Fraudster."
The Federal Reserve's institutional independence faces a direct challenge as the president escalates attacks on Fed leadership and seeks to remove a Board governor. The president has criticized Chair Jerome Powell for following policy rather than complying with political demands and has publicly targeted Board member Lisa Cook with allegations of mortgage fraud. Cook is the first Black woman on the Board and has refused to resign, stating the president lacks legal authority to dismiss her for cause. Her attorney, Abbe Lowell, vows legal action to block any attempted unlawful removal. Social-media attacks and threats raise concerns about politicization of monetary policy and executive overreach.
Read at www.esquire.com
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