US President Donald Trump held a high-profile Cabinet meeting in the White House a day after intensifying his criticism of the Federal Reserve. The meeting, which lasted nearly three-and-a-half hours, was open to the media. During the publicly broadcast portion, Trump accused Federal Reserve Governor Lisa Cook of not being above board.
On the other hand, Cook said, President Trump has no legal authority to remove her from the independent central bank. Her attorney has confirmed they will file a lawsuit to challenge what they call an “illegal action.”
Meanwhile, President Trump took to social media throughout the night and announced his intention to immediately fire Cook over allegations of mortgage fraud. The dramatic move marks a major escalation in Trump’s ongoing campaign to pressure the Fed into lowering interest rates-something the central bank has so far resisted.
On a live broadcast of the meeting, Trump said, It has never happened and added that it’s an open government, that’s what we are. Trump covered a wide range of topics, from crime in Washington, DC to the wars in Ukraine and Gaza. At the same time, the Federal Reserve released a statement on Trump’s attempt to fire Fed Governor Lisa Cook, reasserting its independence. However, it doesn’t clarify if Cook is still in her post.
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