Kevin Hassett says President Trump has ‘authority’ to fire Fed Governor Lisa Cook

President Donald Trump has escalated his attack on the Federal Reserve with an attempt to fire Governor Lisa Cook in a move that is likely to result in an unprecedented legal battle and escalates concerns about the central bank losing its independence from politics.

The president said Monday night that he is removing Cook immediately over allegations she committed mortgage fraud made by a Trump administration official that have yet to be proven or investigated. It comes after months of demands from the president for the Fed to cut interest rates to boost the economy and lower the cost of servicing the ballooning national debt.

Trump has focused most of his criticisms on chair Jerome Powell, referring to him as “too late” and claiming he doesn’t know what he is doing. But Trump has shifted his attention to trying to oust Cook, which would give him an opportunity to cut another pro-cut governor to the Fed’s board and move rates in the direction he would prefer.

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