President Donald Trump has recently attempted to fire Federal Reserve Governor Lisa Cook over allegations of mortgage fraud, citing constitutional approval to do so. Georgia Democrats have come to the defense of Cook and have slammed the President, accusing him of using intimidation tactics and attempting to install loyalists.
Trump alleges that there is sufficient reason to believe that Cook made false statements related to her mortgage and cited Constitutional powers that allow him to remove her. Cook’s lawyer rebuked this, claiming that Trump has no such authority.
Cook was appointed under the Biden administration, so to Democrats, this seems like an attempt by the President to enhance his influence within the Federal Reserve.
Senator Raphael Warnock (D) weighed in on X and asserted that Trump’s attempt to fire Cook was illegal and, if successful, threatens to upend the delicate balance of the economy.
He believes that this should be challenged in court and stated, “Lisa Cook serves her country admirably, and this attempt to fire her is merely a political stunt so the President can fill the Federal Reserve with ‘yes men.’”
Representative Hank Johnson (D) released an official statement, calling Trump’s attempt to fire Cook a shameful example of the President’s disregard for the rule of law. He also sees it as an assault on the independence of the Federal Reserve and their role of stabilizing the economy.
Johnson continued, “The president’s dangerous attempt to bend the Fed to his will by installing loyalists and yes-men will have dire consequences on bank regulation, interest rates, employment and the financial well-being of every American. This illegal firing must not stand.”
Representative Nikema Williams (D) called the whole thing an attempt to distract people from the real problems that they face. Williams is under the impression that Trump’s economic plans have failed and he has been forced to manufacture controversy to serve as a distraction.
She continued, “Trump's message is loud and clear: when he feels threatened, he turns to his intimidation tactics. This is the first time in the Fed’s 111-year history that a president has tried to fire a governor, an action that (President Trump) has no authority to do.”
