The way I heard it from Meidas is that she's been fired for no other reason than being a Biden pick who also just so happens to be black. As well, Trump wants an obedient sycophant in her place so Trump can have more control over the Fed Board just like he wants total control of everything and anything else that gets in his way, in spite of her firing being illegal. But when has that ever stopped Trump for trying?
New York Times feature editorial supports the notion that if Trump is allowed to remove Lisa Cook without evidence that there's a legitimate cause to do so it would be tragic for the country.
Link works to get past paywall for 2 weeks, i.e. until Sept. 9, 2025
To keep the Fed focused on the nation’s long-term interests, Congress created a board of seven members who are appointed to 14-year terms. Both the Federal Reserve Act of 1913 and the Banking Act of 1935 decreed that the president could fire members of the Federal Reserve Board only “for cause.” Adolph Miller, one of the first people appointed to the Fed’s board, insisted that this clause be restated in the 1935 bill, as he feared “political control” of the Fed. He believed the board should be independent, with members who considered their work as “a great public responsibility which runs to the public rather than to an official of the administration of the day.”
A Comment I think is very accurate:
PS
Vancouver
1h ago
I really think that the focus on Trump is seriously misguided; it's really the architects of Project 2025 pulling the strings. It is they who should be the subject of scrutiny and criticism. Trump, now in his late 70s, has never demonstrated any in-depth, informed, or educated understanding of issues, leave alone complex issues. And he is not about to start now. This is a man who can barely string together coherent sentences and is completely at sea on the basic rules of grammar. His claim to fame (reality TV show) was a work of fiction as was his ghost-written 'Art of the Deal'. It is impossible to believe that he is behind the systematic dismantling of formerly revered institutions and pillars of American democracy. In short, he is same clueless, self-centered, and arrogant person that he has always been. It's more than time to call the architects and the right-wing ideologues behind Project 2025 to account . . .
167 recommended
I like this too:
Noel
Alameda, Ca
47m ago
How on earth did we get here where a bankrupt convicted felon, liar, cheat sued more than 2000 times, is making huge moves affecting the world economy. I grieve my country and its monstrous embrace of this charlatan.
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