Cook’s attorney Abbe Lowell announced Tuesday morning that Cook intended to launch a legal challenge to the president’s shocking attempt to meddle with the Federal Reserve Bank.
Trump announced Monday that he was removing Cook “for cause,” citing unproven allegations of mortgage fraud from Federal Housing Finance Agency Director William Pulte.
Pulte’s allegation against Cook suggests a trend of politically motivated mortgage fraud claims, as similar allegations have been made against Senator Adam Schiff and New York Attorney General Letitia James.
Trump has undertaken a months-long campaign to undermine the credibility of the Federal Reserve Bank, as his desire for interest-rate cuts to stave tariff-driven inflation has been met with resistance from Federal Reserve Chair Jerome Powell.
Powell, who has repeatedly issued grave warnings about Trump’s economic policies, has also received threats of removal from the president—something that is not within the executive’s power to do. On Friday, Powell warned that the jobs market had suffered a “much larger” slowdown than the bank had determined just a month earlier.
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