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Trump calls for Fed Governor Lisa Cook to resign. President Trump posted on Truth Social yesterday that Lisa Cook, a Biden-appointed Federal Reserve governor, “must resign, now!!!” after the leader of the Federal Housing Finance Agency, Bill Pulte, claimed she submitted fraudulent information to banks on mortgage loan documents. Citing anonymous sources, the Wall Street Journal reported that Trump is considering firing Cook for cause. It’s his latest swipe at the independence of the central bank, which hasn’t lowered interest rates like the president wants. Pulte, a Trump ally who has made similar allegations against prominent critics of the president, asked the DOJ to investigate Cook, alleging she had requested mortgages in Atlanta and Michigan and claimed both properties as her primary residence. Cook said she would not be “bullied to step down.”
“Almost all” Fed officials supported leaving rates unchanged, per meeting minutes. The minutes from the Fed’s July meeting are out, and they suggest that the two officials who voted against keeping interest rates steady were alone in that effort—but it still represented the first time since 1993 that more than one Fed governor dissented from a rate decision. The minutes show that most Fed officials remained more concerned about the possibility of rising inflation than problems in the labor market, though that could change going forward since the meeting took place two days before disappointing jobs data came out. The issue is politically fraught since President Trump has been pushing for a cut (see above).
Texas House passes redistricting bill. After a fight that involved Democratic lawmakers fleeing the state and being forced to have police escorts when they returned, the Texas House yesterday passed the redistricting bill President Trump requested, sending it to the state’s Senate for a final vote. If the Senate passes the bill unchanged, it will advance to the governor’s desk, but if it alters the bill, the two versions will have to be reconciled. The new map, which could add five seats for Republicans in Congress, could set off a flurry of gerrymandering efforts around the country. California’s Governor has vowed to respond with his own redistricting, a move that former President Barack Obama endorsed yesterday.—AR
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