How to understand his desire to control the Fed (and everything else)
Friends,
Today the Senate Banking Committee will consider Trump’s nomination of economic adviser Stephen Miran to be a governor of the Federal Reserve. Trump would like to get Miran confirmed in time for the Fed’s rate-setting meeting in two weeks.
Meanwhile, a federal judge has asked lawyers for Lisa Cook, the Fed governor whom Trump is trying to fire, to file more briefs as she pushes back against Trump. The law says a president can fire a member of the board only “for cause,” which normally means professional neglect or malfeasance. Trump alleges that Cook has committed mortgage fraud, but she has not been charged with any crime or convicted of any wrongdoing.
If Trump succeeds in getting Miran confirmed and firing Cook, he would be on track to have a majority on the Fed board. He’ll get a chance to name a new chair in May when Jerome Powell’s term ends.
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