Trump’s new attempt to seize control of the Federal Reserve, explained
Less than two months after the Supreme Court ruled against President Donald Trump’s attempt to fire a member of the Federal Reserve Board of Governors — a move that would have allowed him to seize control over the nation’s central bank if it had succeeded — Trump is once again trying to fire the very […]
In the latest attempt to seize control of the Federal Reserve, President Donald Trump has sent a letter to Lisa Cook, a Biden appointee, demanding she respond to baseless allegations of mortgage fraud. This move is reminiscent of his previous efforts to fire Cook, which were unsuccessful due to the Supreme Court's ruling against him.
The current Supreme Court majority, known for its incoherent decisions and narrow application of doctrines, appears to be at the root of Trump's efforts to undermine the Fed's independence. The Court's interpretation of the "unitary executive" principle, which grants the president full control over federal agencies, is seen as incompatible with the idea of an independent Federal Reserve.
This has led to a potential conflict between the Trump administration and the Fed's board, with Cook potentially facing removal a second time. The Court's role in this issue is crucial, as their decisions have created ambiguity about who truly controls the Federal Reserve.
Written by urgent.news from Vox's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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