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Trump says he has fired Fed governor Lisa Cook, escalating his battle against the central bank (www.cnn.com)

submitted 4 months ago by memfree@beehaw.org to c/usnews@beehaw.org

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While the firing may be challenged in courts, even going up to the Supreme Court, Trump’s firing of Cook puts the central bank of the world’s largest economy in uncharted waters.

For example, it’s unknown whether Cook would have to leave the Fed’s board immediately, and if so, will Trump have the opportunity to nominate someone else to fill her seat.

Per Rachael Maddow, the President does not have the legal authority to fire Cook, but of course we'll have to see who does what.

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[–] Midnitte@beehaw.org 5 points 4 months ago

Well, there goes the independence of the Fed, and our financial well-being with it.

Next stop, serfdom.