US Edition
Trump Flexes Executive Might over Economy
President Trump's firing of Fed Governor Lisa Cook threatens the Federal Reserve's independence amid rising U.S. debt, which now consumes nearly 20% of federal spending, experts say.
- On Monday, President Donald Trump fired Federal Reserve Board Governor Dr. Lisa D. Cook this week, citing mortgage-fraud allegations; Abbe Lowell, Cook's lawyer, said she will file a lawsuit while Cook claimed there was 'no cause' for removal.
- Economic analysts point to fiscal dominance as rising public debt exceeding 100% of GDP pressures the Federal Reserve, while President Donald Trump demands lower rates, citing 'costing taxpayers trillions,' and Fed Chair Jerome Powell signals possible cuts at the September 16 meeting.
- Dr. Lisa D. Cook's supporters note that before being targeted, she was a top economist and the first Black woman appointed to the Federal Reserve Board in 2022, while the Joint Center for Political and Economic Studies convened a coalition urging public support.
- Legal experts warn that the attack on Cook undermines Federal Reserve independence and marks a dangerous escalation, as removal is permitted only for 'cause' and she faces no charges, raising legal stakes.
- Looking ahead, analysts caution that the pressure on the Fed will persist regardless of who occupies the Oval Office due to a fiscal trajectory locked in years ago and Congress' refusal to act, with federal interest payments already absorbing nearly one-fifth of federal spending.
72 Articles
72 Articles
Nobel Prize-Winning Economist Raises Alarm Over Trump Fed Attacks
A Nobel Prize-winning economist has sounded the alarm over President Donald Trump‘s attacks on the Federal Reserve. Writing in a Substack blog, Paul Krugman, an economic professor at the City University of New York who won the Nobel Prize in Economic Sciences in 2008, warned against Trump’s “unprecedented assault on the Fed’s independence” as the president attempts to influence interest rates. Why It Matters In the past few months, Trump has cal…
The Fed Has Never Been Independent
While Donald Trump’s attacks on the Fed are deeply authoritarian, the institution itself is far from blameworthy. From the 2008 crash to the pandemic, its primary aim has been to protect the interests of the wealthy. Financial investors, CEOs of big banks, democratic leaders, and mainstream liberal media outlets have rallied in staunch support of Jerome Powell and the Fed’s political independence. (Kevin Dietsch / Getty Images) Since the start …
Veronique de Rugy: Trump Is not the biggest threat to the Fed's independence
Concerns about the Federal Reserve's independence have grown following repeated attacks by President Donald Trump, including last week's decision to fire Fed Gov. Lisa Cook based on questionable allegations. But this debate is too narrowly focused on the president's political…
LA Daily News
Trump is not the biggest threat to the Fed’s independence
Concerns about the Federal Reserve’s independence have grown following repeated attacks by President Donald Trump, including his decision to fire Fed Gov. Lisa Cook based on questionable allegations. But this debate is too narrowly focused on the president’s political pressure, ignoring a growing danger in our system. It is true that since the Treasury-Federal Reserve Accord of 1951, the Fed has had operational independence — the ability to set …
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