President Trump has tried to oust Lisa Cook from her role as a Federal Reserve governor over allegations of mortgage fraud, even though she hasn’t been charged with a crime.
The Senate voted to install one of President Trump’s top economic advisers at the central bank, opening the door for him to cast a vote at this week’s meeting to set interest rates.
Stephen Miran said he planned to take only a leave of absence from his post on the Council of Economic Advisers, serving a potentially short term at the Fed before returning to the White House.
The central bank’s cautious approach to defending itself against President Trump is drawing scrutiny as the institution’s independence comes under threat.
To its critics, the Federal Reserve is partly to blame for its predicament, having acquiesced to President Trump to such an extent that the central bank has undermined its own defenses.
In a court filing, lawyers for Lisa Cook cited a news story about the records and urged a federal court to rule against President Trump’s efforts to block her from an upcoming Fed meeting.
Lisa Cook at the Federal Reserve meeting in June. President Trump is seeking to oust her from the Fed on the grounds she falsely claimed a condominium in Atlanta as her primary residence.
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