This article was featured in The Logoff, a daily briefing designed to keep you updated on the Trump administration while balancing your news intake. Sign up here.
Welcome to The Logoff: A prominent figure in the Trump administration is aiding the president in targeting the Federal Reserve by alleging housing loan misconduct against one of its board members.
What’s the latest? On Wednesday, Federal Housing Finance Agency head Bill Pulte asserted that Fed official Lisa Cook engaged in fraudulent loan practices by listing multiple primary residences, stating President Donald Trump had sufficient grounds to dismiss her. Trump publicly demanded via social media that “Cook must resign immediately!!!” amid reports of potential termination.
As part of the Federal Reserve leadership, Cook contributes to managing the nation’s central banking operations and shaping monetary policies, including interest rate decisions.
What’s the background? Pulte, as documented by reporter Andrew Prokop, has frequently utilized his position to target opponents of Trump. He’s previously accused both Senator Adam Schiff (D-CA) and New York AG Letitia James of loan irregularities while persistently advocating for Fed Chair Jerome Powell’s resignation, including drafting letters urging Trump to remove him.
Why target the Federal Reserve? Trump is intensely focused on gaining command over U.S. monetary policy to reduce interest rates, but faces resistance due to the Fed’s intentionally autonomous framework. Removing Cook, whose term extends to 2038, could grant him influence over a majority of the Fed’s seven-member governing body.
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Why is this significant? The Federal Reserve’s independence exists to safeguard economic stability. Its actions significantly influence financial markets and could be exploited for immediate political advantages. Board members’ lengthy 14-year terms shield them from partisan agendas, allowing decisions focused on sustained economic health. A more compliant Fed leadership could pose widespread challenges.
Now, stepping away from the news…
A bear intruded into a South Lake Tahoe ice cream store this weekend, exploring behind the counter with apparent curiosity toward strawberry flavor (an excellent selection, according to reports) before being escorted out by local authorities. The incident caused minimal damage but yielded memorable images available here. Enjoy your night, and see you tomorrow!
Source: vox.com
