Trump official confirmed to Fed board but court rejects Lisa Cook removal bid | Federal Reserve
On Monday, the Senate Republicans competed to strengthen the control of the US President on the Central Bank before the last meeting of the White House and voted to approve a senior Trump official to the Federal Reserve Board of Directors.
Hours before the Gathering of the FED policy makers for their decisions on interest rates, the Senate voted 48 to 27 as the governor of Stephen Miran, President of Donald Trump’s Economic Advisor Council.
Oy, just like US Court of Appeal The two -day policy meeting of the Trump administration rejected the request of ignition of Lisa Cook, a governor appointed by Joe Biden before starting on Tuesday. The decision of the US Court of Columbia Region Appeal Court’s decision means that the FED may remain in Cook’s position during the policy meeting, which is expected to reduce interest rates.
Miran’s appointment indicates that for the first time in the history of modern federal reserve, which declined to almost a century, a member of the executive branch will work at the highest levels of the central bank.
Trump quickly explained his plans to build “majority ında on his board, and did not make any secrets of his plans to influence the Fed, which called for long -standing independence that his independence would come out of political surveillance.
He has been broken over and over again – the presidents often allow the FED to operate with intervention – he demanded his request for interest rates and demanded senior FED officials, including his president Jerome Powell, when they challenged these calls over and over again.
Although Powell pointed out that the Fed was prepared to maintain ratio deductions, Trump clearly stated that it is not likely to be satisfied with his cautious approach. In relation to economic signs, including data showing that the labor market has stopped while receiving inflation, many policy makers have strengthened their expectations that the makers want to carefully suppress.
The administration played these official reports – and fired one of the authorities who responded to supervise them. The proposed change of Trump is a fiery supporter of his agenda, which is accused of wrong representing and exaggerating statistics.
While Miran described the independence of the Fed as “critical ve during a approval hearing at the beginning of this month, and promised to protect as a governor, he asked questions about his ability to operate independently of his current work in the White House instead of resignation.
The Administration also tries to remove the cook for the Fed’s board as soon as possible for the Fed’s legal action, despite Trump’s legal action. The President said the unjust allegations of the mortgage fraud. On September 9, US regional judge Jia Cobb decided that Trump’s unfounded mortgage fraud claims were not enough to dissolve the cook under the current laws. The Congress created provisions to protect the FED from political intervention, including that the President could fires only a governor for “case”. The law does not define what is described as the cause of termination.
Cook refused to do it wrong and argued that Trump was not the authority to expel him. The period does not have a period until 2038. A respected economist at Harvard University and Stanford University is the first black woman to sit at the FED’s Board of Directors. In August, Cook filed a lawsuit against the Fed and Trump, claiming that he chose to expel him for his attitude towards his monetary policy.
In the early hours of Monday, Trump reiterated his call for lower rates. Powell “Now reduce interest rates and should be greater than his mind”, the US President wrote the truth on his social platform and wrote: “Housing will rise !!!”
The latest Fed decision will be announced on Wednesday.
