63 h. ago ‘Racist as hell’: Trump’s cabinet is almost all white, and he keeps firing Black officials

President’s targeting of Fed governor Lisa Cook highlights his efforts to remove diverse voices from governmentA day after Donald Trump announced that he was firing Lisa Cook, the first Black woman to serve on the board of governors of the Federal Reserve, the White House proudly released a photo. It showed Trump, his cabinet and other officials giving a thumbs-up. Of the 24 people in the Oval Office, only one was Black.For those who have studied the US president’s long and troubling history of racism, the two events were more than mere coincidence. They were indicative of a man who has recently brought white nationalist perspectives from the margins back to the mainstream. Continue reading...

Politics

3 d. ago The Guardian view on Trump and the Fed: independence is no substitute for accountability | Editorial

The US president’s move against Lisa Cook shows his despotic bent, but the Fed was never democracy’s guardian. It’s time to rethink who really controls moneyDonald Trump’s attempt to sack the Federal Reserve governor, Lisa Cook, is the familiar authoritarian trick of bending institutions to serve the leader’s immediate ends. The widespread condemnation is deserved. This is not some daring experiment in popular control of monetary policy. Yet what should follow censure is reflection. For the furore over Ms Cook has revealed a peculiar reflex: to defend the Fed’s independence as though it were synonymous with democracy itself.But is independence of the Fed, or central banks generally, really that? Eric Levitz at Vox thinks so, or at least that it is close enough. He argues that Congress sets the Fed’s objectives; independence applies only to the means. Without independence, politicians would be free to game rates for votes – as Richard Nixon did in 1972, leaning on the ...

Politics

3 d. ago Trump urges judge to deny Lisa Cook’s appeal to remain at Fed

Federal court hears argument against US president’s firing of central bank governor

Politics

6 d. ago Trump signals he has ‘somebody I like’ to replace Lisa Cook, as Fed governor sues over removal – live

President’s comment comes amid reporting that he wants to quickly nominate a replacement as Cook resists attempt to force her outLev Menand, a law professor at Columbia law school, said Donald Trump’s attempt to fire Federal Reserve chief Lisa Cook is a “procedurally invalid removal under the statute”.Menand, who authored a book about the Fed’s actions during the coronavirus pandemic, also said for-cause firings are typically related to misconduct while in office, rather than based on private misconduct from before an official’s appointment. Continue reading...

Politics

6 d. ago Federal Reserve governor Lisa Cook to sue Trump administration over its attempt to fire her

Cook’s attorney said the president has ‘no authority’ and ‘lacks any factual or legal basis’ to fire the Fed governorThe Federal Reserve governor Lisa Cook will sue the Trump administration over its bid to fire her over unconfirmed allegations of mortgage fraud, her attorney has said.Donald Trump announced he was firing Cook on Monday night, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence. Continue reading...

Politics

6 d. ago Who is Lisa Cook and can Trump actually fire the Fed governor he accuses of mortgage fraud?

President Trump has demanded the removal of the Biden appointee in what would mark an unprecedented move against the central bank's leadership

Politics

6 d. ago Trump moves to fire Fed governor Lisa Cook in escalating attack on bank’s independence

Departure of Cook, first Black woman to sit on central bank’s board, would allow US president to put forward a replacementDonald Trump has said he is firing the Federal Reserve governor, Lisa Cook, over allegations she committed mortgage fraud, in an extraordinary move that marks the latest escalation in the US president’s attack on the central bank’s independence.Trump wrote to Cook on Monday, telling her that he was removing her from her position “effective immediately”, based on the allegation from one of his allies that she had obtained a mortgage on a second home she incorrectly described as her primary residence. Continue reading...

Events

7 d. ago Trump says he is firing Fed governor Lisa Cook ‘effective immediately’

Move against policymaker sharply escalates US president’s attacks on central bank

Politics

1 week ago US Justice department calls on Fed to sack governor Lisa Cook

Letter to central bank chair Jay Powell is latest escalation in Trump administration’s assault on the institution

Society

1 week ago Fed governor Lisa Cook says she will not be ‘bullied’ into resigning

Trump had called on central banker to step down after his ally accused her of falsifying mortgage documents

Politics

1 week ago Fed governor urged by Trump to resign will not be ‘bullied’ into stepping down

Lisa Cook, first Black woman to sit on Fed board, responds after allegation by ally of president of mortgage fraudUS politics live – latest updatesDonald Trump has called on a Federal Reserve governor to immediately resign, renewing his extraordinary attack on the central bank’s independence as officials mull next steps on interest rates.A close Trump ally accused Lisa Cook, an appointee of Joe Biden, of “potentially committing mortgage fraud” and urged the US Department of Justice to investigate. Continue reading...

Politics

1 week ago Trump demands Lisa Cook, first black woman Fed Reserve member, ‘resign, now!!!’ and accuses her of mortgage fraud

President has spent months bullying Federal Reserve Chairman Jerome Powell over his refusal to lower interest rates and recently turned his fire on Fed board members

Politics

1 week ago Trump calls on Federal Reserve governor Lisa Cook to resign, renewing attack on central bank

Ally of the president has accused the first Black woman to sit on the central bank’s board of mortgage fraudUS politics live – latest updatesDonald Trump has called on a Federal Reserve governor to immediately resign, renewing his extraordinary attack on the central bank’s independence as officials mull next steps on interest rates.A close Trump ally accused Lisa Cook, an appointee of Joe Biden, of “potentially committing mortgage fraud” and urged the US Department of Justice to investigate. The claims have not been confirmed. Continue reading...

Politics