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Trump makes his move on the Fed

2 0
27.08.2025
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The Big Story

Fed speaks on Trump, Cook dispute over firing

The Federal Reserve said Tuesday it will abide by the court’s decision in the upcoming lawsuit from Fed Governor Lisa Cook challenging her firing by President Trump.

© Getty Images

On Monday evening, Trump posted a letter to Cook on his social media account that said he was removing her from her position.

“You are hereby removed from your position on the Board of Governors of the Federal Reserve, effectively immediately,” the letter said.

In a statement, a spokesperson for the Fed said Cook “has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System.”

“The Federal Reserve will abide by any court decision,” the spokesperson added.

After Trump issued a letter on Monday saying he was firing Cook over alleged mortgage fraud, Cook’s attorney Abbe David Lowell said Trump didn’t have the power to fire Cook.

The conflict escalates the ongoing pressure campaign from the White House on the Fed to a new level. Trump has been telling the Fed to lower interest rates for months, and so far, the committee has declined to heed his calls.

The Hill’s Tobias Burns

© The Hill