Trump created a committee to dig into the Fed's Lisa Cook. What is it and what comes next?
Trump’s bid to fire the Fed's Lisa Cook follows a Supreme Court ruling and could affect Jerome Powell, central bank independence and interest rates.
US President Donald Trump has launched an inquiry into Federal Reserve Governor Lisa Cook, convening an investigative committee to examine allegations she made false statements on mortgage applications. According to Investing.com, Trump has been trying to fire Cook for over a year, citing his desire to exert more control over the central bank, which he believes is not lowering interest rates for political reasons.
The committee, established by Trump, will investigate the allegations against Cook and report to him on whether there is "cause" for her removal. A closed, in-person hearing will be held at the White House on November 5 to consider the evidence. Cook's lawyers have stated that a fair hearing would show there is no legal basis for firing her.
Cook has not been charged with a crime, and according to CNBC, this inquiry follows a Supreme Court ruling, which may have implications for central bank independence, interest rates, and potentially even Federal Reserve Chairman Jerome Powell.
Brief written by urgent.news from CNBC, Investing.com, MarketWatch, MarketWatch Top, Quartz — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
