President Joe Biden nominated the economics professor to serve as one of the US central bank’s seven governors back in 2022. Her 14-year term began the following year after she narrowly secured US Senate confirmation, becoming the first black woman ever to serve on the Fed’s board. She also sits on the Fed’s 12-member committee that sets interest rates in the United States – and which has infuriated Trump by failing to lower them.
US Federal Reserve Jerome Powell speaks with Lisa Cook in June (Photo: Saul Loeb/AFP)Ms Cook is facing allegations of mortgage fraud levelled against her earlier this month by Bill Pulte, a pro-Trump attack dog who now runs the government’s top housing regulator. He alleges that Ms Cook falsified bank documents and property records to obtain loans on more favourable terms when she acquired a second home in Ann Arbor, Michigan. She currently faces no charges, nor has been convicted of any crime.
The Nvidia chief executive Jensen Huang speaks alongside Trump about investing in America, at the White House in April (Photo: Jim Watson / AFP via Getty Images)
Critics of the White House believe that Pulte was deliberately deployed to seek out reasons to undermine Cook, in order to permit Trump to launch a fresh assault on the Fed. He has spent several months intimating that he might eventually fire Jerome Powell, the Chairman of the Federal Reserve, whom he accuses of being too tardy in lowering the nation’s interest rates. He has also levelled false accusations against the Fed Chair regarding what Trump deems the over-inflated costs of renovating several Fed buildings.
“Trump Seems Pretty Socialist These Days”, argued Bloomberg’s columnist David M Drucker last week, noting that “if a Democrat were demanding a stake in intel or special fees from Nvidia, the GOP would be screaming”. Some Republicans on Capitol Hill are deeply unsettled by the President’s actions. Choosing his words carefully in order not to enrage the White House, Senator Thom Tillis of North Carolina said he was “uncomfortable” about Trump’s use of federal powers to force private companies to bend to his will. Intel was “feeling like a semi state-owned enterprise a-la-CCCP”, he said, using the Cyrillic acronym for the USSR.
Intel CEO Lip-Bu Tan. The US government has said it will take a 10 per cent stake in the company, raising alarm bells (Photo: Ann Wang/ Reuters) square USA AnalysisRage-baiting Gavin Newsom is now trolling Trump with merch - and Republicans aren't happy
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Chris Christie, the former Republican Governor of New Jersey and a former ally of the President, rounded on Trump in an interview with ABC News. He said the President “sees himself as the person who gets to decide everything. He doesn’t care about separation [of powers]. In fact, he absolutely rejects the idea that there should be separation between criminal investigation and the politically elected leader.”
On Monday, Trump’s barnstorming activities continued. He issued a proclamation that bans the burning of the American flag, even though in 1989 the US Supreme Court deemed destruction of the Stars and Stripes an exercise in constitutionally protected free speech. The Attorney General has now been ordered to begin criminal investigations, with Trump warning that flag burning would suddenly incur a one-year jail term.
He also said he expects to rename the US Department of Defense, reverting to its former name of the Department of War. When reporters in the Oval Office observed that only Congress has the constitutional authority to make that decision, Trump said on Monday “we’re just going to do it. I’m sure Congress will go along”.
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