The Trump administration has been gunning for economist and Federal Reserve Governor Lisa Cook in an attempt to "take the Fed over." This isn't something a serious president would do, but it falls in line with what an authoritarian president would do, and Trump's job numbers are in the shitter. The economy is in bad shape, and he hasn't even been on the job for a year now.
Lisa Cook is the first black woman to sit on the Board, and she was targeted with accusations of mortgage fraud, but that was just blown out of the water.
The Associated Press reports:
Federal Reserve Governor Lisa Cook referred to a condominium she purchased in June 2021 as a “vacation home” in a loan estimate, a characterization that could undermine claims by the Trump administration that she committed mortgage fraud.
President Donald Trump has sought to fire Cook “for cause,” relying on allegations that Cook claimed both the condo and another property as her primary residence simultaneously, as he looks to reshape the central bank to orchestrate a steep cut to interest rates. Documents obtained by The Associated Press also showed that on a second form submitted by Cook to gain a security clearance, she described the property as a “second home.”
Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors. Cook secured an injunction Tuesday that allows her to remain as a Fed governor.
...
Fulton County tax records show Cook has never claimed a homestead exemption on the condo, which allows someone who uses a property as their primary residence to reduce their property taxes, since buying it in 2021.
Via Reuters:
The document, dated May 28, 2021, was issued to Cook by her credit union in the weeks before she completed the purchase and shows that she had told the lender that the Atlanta property wouldn’t be her primary residence. The document appears to counter other documentation that Cook’s critics have cited in support of their claims that she committed mortgage fraud by reporting two different homes as her primary residence, two independent real-estate experts said.
The question is, why did Director of the Federal Housing Finance Agency Bill Pulte accuse Cook of claiming both homes as her “primary residence” when records show that isn't true? It's almost as if everyone in Trump's political orbit is a liar. And they want her out asap.
Cook sued the Trump administration to block her firing, the first time a president has sought to remove a member of the seven-person board of governors. Cook secured an injunction Tuesday that allows her to remain as a Fed governor.
The administration has appealed the ruling and asked for an emergency ruling by Monday, just before the Fed is set to meet and decide whether to reduce its key interest rate. Most economists expect they will cut the rate by a quarter point.
It's as if they're trying to get ahead of their lie before it's exposed. He should resign, but these aren't normal times.
And he's doubling down. Disgraceful.
