(Reuters) &#8211; A federal judge on Tuesday temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, an early setback for the White House in an unprecedented legal battle that could upend the central bank&#8217;s long-held independence.
The preliminary ruling by U.S. District Judge Jia Cobb in Washington, D.C. found that the Trump administration&#8217;s claims that Cook committed mortgage fraud prior to taking office were likely not sufficient grounds for her removal.
Cook denies any wrongdoing.
&#8220;President Trump has not identified anything related to Cook’s conduct or job performance as a Board member that would indicate that she is harming the Board or the public interest by executing her duties unfaithfully or ineffectively,&#8221; Cobb wrote in her ruling.
Trump moved to fire Cook in late August, but the Fed has said she remains in her position. The Fed declined to comment on the decision.
The White House spokesman Kush Desai on Wednesday defended Trump&#8217;s actions, saying that the president had &#8220;lawfully removed&#8221; Cook for cause over the mortgage allegations and that &#8220;this ruling will not be the last say on the matter.&#8221;
Trump on Tuesday did not respond to a reporter&#8217;s question about the ruling.
Cobb&#8217;s ruling prevents the Fed from following through on Cook&#8217;s firing while her lawsuit moves forward.
The case, which will likely end up before the U.S. Supreme Court, has ramifications for the Fed&#8217;s ability to set interest rates without regard to politicians&#8217; wishes, widely seen as critical to any central bank&#8217;s ability to keep inflation under control.
Trump has demanded that the U.S. central bank cut rates immediately and aggressively, berating Fed Chair Jerome Powell for his stewardship over monetary policy. The central bank is expected to deliver a rate cut at its September 16-17 policy meeting.
&#8220;This ruling recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve from illegal political interference,&#8221; Cook&#8217;s lawyer Abbe Lowell said in a statement.
The law that created the Fed says governors may be removed only &#8220;for cause,&#8221; but does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.
Cobb found that the &#8220;best reading&#8221; of the law is that it only allows a Fed governor to be removed for misconduct while in office. The mortgage fraud claims against Cook all relate to actions she took prior to her U.S. Senate confirmation in 2022.
Trump and William Pulte, the Federal Housing and Finance Authority director appointed by the president, say Cook inaccurately described three separate properties on mortgage applications, which could have allowed her to obtain lower interest rates and tax credits.
The U.S. Justice Department has also launched a criminal mortgage fraud probe into Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter.
Cook sued Trump and the Fed, saying the claims did not give Trump the legal authority to remove her and were a pretext to fire her for her monetary policy stance.
Cook, the first Black woman to serve as a Fed governor, has denied the fraud claims in court filings, saying that she &#8220;did not ever commit mortgage fraud.&#8221;
But she has said that even if the allegations were true, it would not be grounds for removal because the alleged conduct occurred before she was confirmed by the U.S. Senate.
The Trump administration has argued that the president has broad discretion to determine when it is necessary to remove a Fed governor, and that courts lack the power to review those decisions.
(Reporting by Daniel Wiessner in Albany, New York and Ismail Shakil. Additional reporting by Andrea Shalal, Howard Schneider, Mike Scarcella, Nate Raymond and Jeff Mason; Editing by Noeleen Walder, Alexia Garamfalvi, Paul Simao, Sam Holmes and Tomasz Janowski)

FILE PHOTO: Federal Reserve Bank of Kansas City’s 2025 Jackson Hole conference

Judge Steps In To Block Trump From Ousting Fed Governor Lisa Cook

Courts

Donald Trump

Federal Reserve

Lisa Cook

Politics

The U.S. Department of Justice (DOJ) has <a href="https://www.wsj.com/politics/policy/lisa-cook-justice-department-probe-e7e801a6?gaa_at=eafs&amp;gaa_n=ASWzDAi-x1uObM-ouMQbF0PI67ubWITebM-NdCDtCfTL7W90ZRz24dcL2EAxufBpjws%3D&amp;gaa_ts=68b9adfc&amp;gaa_sig=ZMZASAa9bYsThktLwgBJ6HVseASrX7apCQs0hDQIB-tZHkMB-Xzkuuzs0NMCxG-IE_DO2maf7fcgKvNNp4Czhw%3D%3D">opened a criminal investigation</a> into Federal Reserve Governor Lisa Cook.
The probe centers on allegations that Cook misrepresented her primary residence on mortgage applications — one in Michigan, the other in Georgia — to obtain more favorable loan terms. These accusations were first <a href="https://www.cbsnews.com/news/trump-lisa-cook-federal-reserve-governor-bill-pulte/?utm_source=chatgpt.com">raised</a> by Bill Pulte, head of the Federal Housing Finance Agency and a Trump appointee, who referred the matter to the DOJ last month. Pulte wrote on X:
<blockquote>
According to mortgage documents obtained by U.S. Federal Housing, it appears an individual, Ms. Lisa DeNell Cook, has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms.
</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Here is the Criminal Referral Letter on Lisa Cook, the current Fed Governor. <a href="https://t.co/aG0LGnokei">pic.twitter.com/aG0LGnokei</a>
&mdash; Pulte (@pulte) <a href="https://twitter.com/pulte/status/1958138434171629636?ref_src=twsrc%5Etfw">August 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Cook has denied wrongdoing and argues the claims are politically motivated, calling her firing unlawful.
In January 2022, former President Joe Biden nominated Cook to the Board of Governors of the Federal Reserve. She was confirmed in May 2022, becoming the first black woman to serve as a Fed governor.
Days after Pulte’s accusations, President Trump <a href="https://www.washingtonpost.com/politics/2025/08/20/trump-resignation-fed-governor-cook/?utm_source=chatgpt.com">demanded her resignation</a>, citing “serious financial misconduct.” She refused to resign. Five days later, Trump <a href="https://time.com/7312213/lisa-cook-trump-fire-federal-reserve-governor-mortgage-fraud-powell-interest-rates/?utm_source=chatgpt.com">issued a letter</a> to Cook stating he had fired her for cause, writing, “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and possibly criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.”
Three days after that, Cook <a href="https://www.cnn.com/2025/08/28/economy/fed-lisa-cook-lawsuit">filed a lawsuit</a> in federal court, seeking to block her removal. The next day, a federal judge heard arguments in Cook’s lawsuit but did not rule on the case.
At the beginning of this month, nearly 600 economists signed a <a href="https://tatyanaderyugina.github.io/fed-open-letter/">letter</a> defending Cook and warning against threats to Fed independence.
If the DOJ files criminal charges against Cook, Trump would have legal grounds to justify Cook’s removal; Cook’s legal team argues that the president cannot dismiss a Fed governor except under strict “for cause” standards.
City Journal <a href="https://www.city-journal.org/article/lisa-d-cooks-careless-scholarship?utm_source=chatgpt.com">noted</a>:
<blockquote>
Cook also seems to have consistently inflated her own credentials. In 2022, investigative journalist Christopher Brunet pointed out that, despite billing herself as a macroeconomist, Cook had <a href="https://dailycaller.com/2022/01/20/bidens-fed-nominee-lisa-cook-criticized-for-being-unqualified-embellishing-resume">never</a> published a peer-reviewed macroeconomics article and had misrepresented her publication history in her CV, claiming that she had published an article in the journal American Economic Review. In truth, the article was published in American Economic Review Papers and Proceedings, a less prestigious, non-peer-reviewed magazine. &#8230;
In a series of academic papers spanning more than a decade, Cook appears to have copied language from other scholars without proper quotation and duplicated her own work and that of coauthors in multiple academic journals without proper attribution. Both practices appear to violate Michigan State University’s own written <a href="https://ombud.msu.edu/sites/default/files/content/Plagiarism-What-is-it.pdf">academic</a> standards.
</blockquote>

MixCollage-04-Sep-2025-11-33-AM-4105

Justice Dept Zeroes In On Fed Governor Lisa Cook

Department of Justice

This week, President Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115092130707196133">sent a letter</a> to Federal Reserve Governor Lisa Cook, who was appointed by President Joe Biden in 2022, informing her of her immediate removal from her position of service, citing allegations of mortgage fraud.
In a time when buying a home is out of reach for millions of Americans, in part due to the high interest rates set by the Federal Reserve, it is obvious that someone who allegedly committed mortgage fraud by claiming two different homes as their main residence to get better loan terms would be unfit to serve. While the President provided documentation alleging fraud, time will tell whether Ms. Cook indeed committed fraud. Innocent until proven guilty.
Aside from this point, however, there is a much larger problem at play.
The Constitution is clear: All members of the Executive Branch report to the President of the United States. This is a basic chain-of-command that is not difficult to understand.
Yet time and time again, we see political appointees cling for dear life to their appointed, and temporary, positions of service, exhibiting unmatched levels of arrogance and entitlement.
Take Lisa Cook, for example.
A decorated former professor of economics who has conducted plenty of research and advised the Obama administration, her resume passes muster. Still, are there not thousands of other economic experts who might serve the American people in this position?
Not according to Ms. Cook, who remains defiant.
“I will not resign,” she <a href="https://x.com/bencasselman/status/1960175891658498543">pouted</a> through her attorney like a petulant child, adding that the President of the United States has no authority to fire her.
<blockquote class="twitter-tweet">
Just received this statement from Lisa Cook, via her attorney: 
&#8220;President Trump purported to fire me &#8216;for cause&#8217; when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have… <a href="https://t.co/57C6p0cwMI">https://t.co/57C6p0cwMI</a>
— Ben Casselman (@bencasselman) <a href="https://twitter.com/bencasselman/status/1960175891658498543?ref_src=twsrc%5Etfw">August 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Credit: @bencasselman/X
Of course, that is not true.
As every middle school civics student knows, and as President Trump spelled out quite clearly in his letter, his authority comes from Article II of the Constitution of the United States: The executive Power shall be vested in a President of the United States of America.
Lawyers are scrambling in Washington and across the nation to come up with legal arguments for both sides. But it doesn’t take a Juris Doctorate, just a basic reading comprehension level, to understand that the President oversees the Executive Branch. Ultimately, all members of the Executive Branch report to him.
If that were not the case, then who is in charge? 
Who has the authority to appoint and fire within the Executive? Lisa Cook?
Let’s take it a step further to examine the practicality of the matter: Why on earth would Ms. Cook wish to continue her service when her boss, the President, has fired her? She is no longer wanted in the Trump administration. This was not a lifetime appointment. She was always going to have to return back to the real world and her real job.
Cue the arrogance to center stage.
Ms. Cook apparently believes she alone is capable of serving as on the Board of Governors at the Fed, and that her politically-appointed position holds more power in it than the President of the United States holds via Article II of the Constitution.
She will use the mainstream media and the fury of liberal Democrats who suffer from Trump Derangement Syndrome (looking at you, Gavin Newsom) for as many news cycles as she can to stir up trouble and get her 15 minutes of fame.
Meantime, those Americans trying to afford a home will just have to wait.
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Lisa Cook is not the first, nor will she be the last, to throw a temper tantrum when asked to leave. She is just one of thousands of bureaucrats in Washington who mistakenly believe they are independent from and just as important as the sitting President of the United States.
Woe to anyone, including the president, who challenges that notion!
But perhaps the American people can use this moment to see just how difficult it is for the president to exert his authority over the very government he has been elected to lead. Millions of Americans voted for President Donald Trump. Nobody voted for Lisa Cook.
They voted for his vision, his leadership, and his discretion. They voted for his judgment. Politically-appointed bureaucrats may not like it, but that is how democracy works.
Time to pack your things, Ms. Cook.
* * *
Carly Bird is a Republican strategist and founder and president of Bird’s Eye Consulting. She previously served as the national spokeswoman for Ron DeSantis’ presidential campaign.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

President Trump Meets With His Cabinet At The White House

Yes, The President Can Fire Politically-Appointed Bureaucrats

Federal Government

President Trump

President Trump fires a Biden-appointed Federal Reserve governor over an investigation into alleged mortgage fraud, setting up a historic legal showdown. In a surprising policy shift, President Trump calls for allowing hundreds of thousands of Chinese students into U.S. universities. The Department of Transportation cracks down on states that issue commercial driver&#8217;s licenses to truckers who are not proficient in English.
It’s Wednesday, August 27, 2025, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
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<h2>Trump Fires Fed Governor, Setting Up Legal Battle</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-965647" src="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1-1024x576.jpg" alt="" width="1024" height="576" srcset="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH1.jpg 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></div>
Topline: President Trump has fired Federal Reserve Governor Lisa Cook, a Biden appointee, citing a Department of Justice investigation into alleged mortgage fraud, a move that Cook is refusing to accept, setting up a historic legal showdown.
On Monday night, President Trump fired Cook &#8220;for cause,&#8221; citing a DOJ investigation into whether she committed mortgage fraud by allegedly claiming primary residence in two separate states to secure more favorable loan terms. &#8220;We need people that are 100% above board — and it doesn&#8217;t seem like she was,&#8221; Trump said.
Cook responded with a statement saying the president &#8220;has no authority to do so&#8221; and that she will not resign, announcing her intention to file a lawsuit. The move marks the first time in the Fed’s history that a president has removed a member of the board of governors and could set up a legal battle that goes to the Supreme Court.
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The shakeup at the Fed comes as the Trump administration made another major economic move, with the U.S. government acquiring a 10% stake in tech giant Intel for nearly $9 billion. The White House framed the move as a matter of national security, aimed at reviving the U.S. semiconductor industry and breaking America&#8217;s reliance on China.
<h2>Trump Calls for More Chinese Students in U.S. Universities</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-965645" src="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2.jpg" alt="" width="1920" height="1080" srcset="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2.jpg 1920w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH2-1536x864.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /></div>
&nbsp;
Topline: In a surprising policy shift that has drawn criticism from some allies, President Trump has called for raising the quota for Chinese nationals allowed to study in the United States to 600,000.
The president defended the move in a cabinet meeting, arguing that many less prestigious U.S. universities would not survive financially without the revenue from Chinese students. The proposal has drawn criticism from some conservatives who worry about the national security risks, including the theft of technology and research by students with ties to the Chinese Communist Party.
The move also appears to contrast with the administration&#8217;s previously announced hardline stance. In May, Secretary of State Marco Rubio said the administration would &#8220;aggressively revoke visas for Chinese students&#8221; who are connected to the CCP or are studying in &#8220;critical fields.&#8221;
<h2>DOT Cracks Down on Non-English-Speaking Truckers</h2>
<div class="image"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-965649" src="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1024x576.jpg" alt="" width="1024" height="576" srcset="https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1024x576.jpg 1024w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-300x169.jpg 300w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-768x432.jpg 768w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3-1536x864.jpg 1536w, https://dw-wp-production.imgix.net/2025/08/MRN-8.26.25-Wed-SH3.jpg 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></div>
Topline: Following a fatal crash in Florida caused by an illegal immigrant, the Department of Transportation is cracking down on states that issue commercial driver&#8217;s licenses to truckers who are not proficient in English.
The move comes after Harjinder Singh, an illegal immigrant from India, killed three people in a crash caused by an illegal U-turn in a semi-truck. Singh had a Commercial Driver&#8217;s License (CDL) from a sanctuary state and was later found to be unable to properly identify most highway traffic signs.
Transportation Secretary Sean Duffy announced that states currently in violation of an executive order requiring English proficiency, such as Washington, California, and New Mexico, have 30 days to come into compliance or risk losing federal funding. &#8220;We just want to keep drivers safe,&#8221; Duffy said. &#8220;Not in just red states, Americans drive in all states &#8230; and they deserve to be safe.&#8221;
In a related move, Secretary of State Marco Rubio announced last week that the State Department has paused the issuance of work visas for foreign truck drivers. Rubio said the move was necessary because &#8220;the increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers.”

MRN 8.27.25 Thumbnail V1

Morning Brief: Fed Governor Defies Trump, Chinese Student Deal & WH Clamps Down On Foreign Truckers

Communist China

Department of Transportation

Economy

Education

Jerome Powell

Sean Duffy

Truckers

President Donald Trump told Federal Reserve Governor Lisa Cook that she had been terminated on Monday, citing allegations of mortgage fraud.
“Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately,” Trump wrote to Cook in a letter.
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” he wrote. “I have determined that there is sufficient cause to remove you from your position.”
Trump cited allegations by Federal Housing Finance Agency Director Bill Pulte, who accused Cook of claiming two separate properties as her primary address within weeks of purchasing each with financing.
&#8220;President Trump purported to fire me &#8216;for cause&#8217; when no cause exists under the law, and he has no authority to do so,&#8221; Cook said in a <a href="https://x.com/amacker/status/1960175247140806676">statement</a> responding to Trump&#8217;s letter. &#8220;I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
Cook, who has not been charged with a crime, has hired attorney Abbe Lowell as legal counsel. Lowell is a veteran defense attorney with decades of experience representing high-profile political figures, including former President Bill Clinton, former Sen. Bob Menendez (D-NJ), and Hunter Biden.
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&#8220;President Trump has taken to social media to once again &#8216;fire by tweet&#8217; and once again his reflex to bully is flawed and his demands lack any proper process, basis, or legal authority,&#8221; said Lowell. &#8220;We will take whatever actions are needed to prevent his attempted illegal action.&#8221;
Pulte accused Cook of having “falsified bank documents and property records” to purchase two properties, a house in Ann Arbor, Michigan, and a condo in Atlanta, according to CNN. Mortgage documents show that Cook took out mortgages on both properties and claimed both as her primary residence.
Trump said Monday that questions about Cook’s integrity have undermined Americans’ confidence in her ability to serve on the Federal Reserve.
“The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks,” Trump wrote. “The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve.”
“In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity. At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator,” he wrote.
<blockquote class="twitter-tweet">
🚨 President Donald J. Trump relieves Federal Reserve Governor Lisa Cook of her position <a href="https://t.co/tJV8m4mlHW">pic.twitter.com/tJV8m4mlHW</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1960131068280852721?ref_src=twsrc%5Etfw">August 26, 2025</a></blockquote>

Trump Boots Fed’s Lisa Cook Over Mortgage Mess—She Says ‘He Has No Authority To Do So’

Trump Fires Fed Reserve Governor Lisa Cook

Scandals

President Donald Trump said Friday that he would fire Federal Reserve Governor Lisa Cook if she doesn’t resign over mortgage fraud allegations. 
Cook, appointed to the Federal Reserve by former President Joe Biden, has <a href="https://www.dailywire.com/news/trump-calls-for-fed-official-to-resign-now-after-mortage-fraud-allegations">faced pressure</a> from the Trump administration to step down after Federal Housing Finance Agency Director Bill Pulte — an ally of Trump — urged the Justice Department to investigate alleged mortgage-residence misrepresentations by Cook. 
“I’ll fire her if she doesn’t resign,” Trump told reporters on Friday morning. “What she did was bad so I’ll fire her if she doesn’t resign.”
Trump first called for Cook to step down on Wednesday, shortly after Pulte publicized an August 15 letter he sent to Attorney General Pam Bondi alleging that Cook falsified documents to get better loans and interest rates. 
Pulte alleged that Cook simultaneously claimed primary residency for two homes—one in Michigan and one in Georgia — in order to secure more favorable mortgage rates. He wrote in his letter that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
In a statement, Cook said that she learned of the criminal referral through the media and that she had no plans to leave her position at the Fed. 
“I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said. “I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
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Trump has repeatedly clashed with the Fed over its reluctance to lower interest rates and has previously floated firing Federal Reserve Chair Jerome Powell. Cook, who is slated to stay at the Fed until 2038, has backed Powell’s decision to hold interest rates steady.
Last year, The Daily Wire and City Journal conducted an <a href="https://www.dailywire.com/news/trouble-at-the-fed">investigation</a> into Cook’s academic record and found that, in several papers, she had lifted language from other scholars without proper quotations, and repeatedly republished text from her own prior work — or that of coauthors — across multiple academic journals without adequate attribution.
For example, in a 2021 paper titled “The Antebellum Roots of Distinctively Black Names,” Cook copied and pasted verbatim language from Charles Calomiris and Jonathan Pritchett, without using quotation marks when describing their findings, as required.
Much of Cook’s academic work also focused on race activism rather than quantitative economics.

US-POLITICS-TRUMP

Trump To Fed Governor: Resign Now Or Be Fired Over Fraud Claims

Federal Reserve Chair Jerome Powell suggested on Friday that central bank policymakers could cut interest rates at their meeting next month under current conditions.
During a speech at the Fed&#8217;s annual Economic Policy Symposium in Jackson Hole, Wyoming, Powell said that “the balance of risks appear to be shifting” between the goals of full employment and stable prices, CNBC <a href="https://www.cnbc.com/2025/08/22/powell-indicates-conditions-may-warrant-interest-rate-cuts-as-fed-proceeds-carefully.html">reported</a>. Powell added that the labor market and the economy are in a good place, even as President Donald Trump&#8217;s tariffs take effect. Still, the Fed chair said that the tariffs present risks that must be considered, as inflation could rise.
The stock market <a href="https://www.nytimes.com/2025/08/22/business/powell-speech-jackson-hole-fed-inflation.html">spiked</a> following Powell&#8217;s speech, with the Dow Jones and Nasdaq Composite rising 2%, while the S&amp;P 500 was up more than 1.5%.
Powell <a href="https://www.wsj.com/economy/central-banking/powell-highlights-job-market-worries-opening-path-to-rate-cut-4169a7ba">said</a> that the U.S. economy is in the middle of an “unusual situation,” with risks of a worse-than-expected labor market rising, according to The Wall Street Journal.
“And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment,” Powell said.
The Federal Reserve often lowers interest rates if unemployment is high in an attempt to stimulate economic activity, which can lead to companies hiring more people. The year-over-year inflation rate of 2.7%, however, remains above the Fed&#8217;s 2% benchmark. The next inflation report is scheduled to be released on September 11, and the Fed is set to meet again to discuss interest rates on September 16-17.
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Powell has faced months of criticism from President Trump, who continues to urge the Fed to cut interest rates. Earlier this year, Trump threatened to fire the Fed chair, which would be an unprecedented move for a president to make, but Trump has backed off that threat, saying he will wait until Powell&#8217;s term is complete in May of next year to replace him. The Fed&#8217;s latest decision to keep rates steady also caused division among the policymakers, with two Fed governors, Michelle Bowman and Christopher Waller — who are candidates to become the next Fed chair — publicly disagreeing with the Fed&#8217;s July decision.
Trump&#8217;s latest <a href="https://www.reuters.com/world/us/trump-again-attacks-fed-chair-says-powell-hurting-housing-industry-2025-08-19/">knocks</a> on Powell came on Wednesday when he said that Powell&#8217;s reluctance to lower interest rates was &#8220;hurting the Housing Industry, very badly.&#8221;
&#8220;People can&#8217;t get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut,&#8221; Trump said.
The Trump administration is set to begin interviewing candidates for the next Fed chair after Labor Day, according to Treasury Secretary Scott Bessent. The administration has <a href="https://www.foxbusiness.com/economy/treasurys-bessent-says-interviews-potential-fed-chairs-start-around-labor-day">announced</a> that 11 people are in the running for the position, including Fed Governors Bowman and Waller, White House National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, Fed Governor Philip Jefferson, Dallas Fed President Lorie Logan, former Fed Governor Larry Lindsey, and former St. Louis Fed President James Bullard.
Rick Rieder, BlackRock&#8217;s chief investment officer for global fixed income, David Zervos, the chief market strategist for Jefferies, and Mark Sumerlin, former deputy director of the National Economic Council, are also on the short list.

Fed Chair Jerome Powell Hints At Possible Rate Cut, Wall Street Cheers

Interest Rates

President Donald Trump called for a top official at the Federal Reserve to step down after she was accused by federal officials of mortgage fraud. 
Trump said Wednesday that Lisa Cook, a member of the Federal Reserve Board of Governors, should step down after Federal Housing Finance Agency Director Bill Pulte called for the Justice Department to investigate her over alleged mortgage fraud. 
“Cook must resign, now!!!” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115061104213677946">wrote</a> on Truth Social.  
In an August 15 letter to Attorney General Pam Bondi, Pulte said that Cook falsely claimed primary residency at the same time for two homes she owned in Michigan and Georgia in order to get better interest rates. 
Pulte wrote in his letter that Cook “has falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute. This has included falsifying residence statuses for an Ann Arbor, Michigan-based residence and an Atlanta, Georgia-based property in order to potentially secure lower interest rates and more favorable loan terms.”
In follow-up posts on X, Pulte targeted Cook over the allegations. 
“How can this woman be in charge of interest rates if she is allegedly lying to help her own interest rates?” he <a href="https://x.com/pulte/status/1958162017468154310">wrote</a>, <a href="https://x.com/pulte/status/1958158594374873358">adding</a> in another, “Do not declare two principal residences in President Trump’s America. Mortgage fraud is a serious crime and must be prosecuted as such.”
Senator Rick Scott (R-FL) <a href="https://x.com/SenRickScott/status/1958140416835940434">responded</a> to the criminal referral by demanding that an independent inspector general be established to investigate the Fed. 
“The lack of accountability at the Federal Reserve under Chair Powell is out of control!” Scott posted on X. “This is exactly why we need to pass my bill to establish an independent inspector general at the Fed ASAP.”
When reached for comment by The Daily Wire, a media relations assistant for the Federal Reserve said that “we don’t have anything to share at the moment, but will be back in touch asap.”
Cook later released a statement on the calls for her to step down.
“I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve. I have no intention of being bullied to step down from my position because of some questions raised in a tweet,&#8221; she said. &#8220;I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts.”
Cook was appointed to the board of governors by President Joe Biden and is slated to stay on the board until 2038. She previously worked on the Council of Economic Advisers under President Barack Obama and at Harvard University’s Kennedy School of Government.
Trump has repeatedly battled with the Fed over interest rates, demanding that Chair Jerome Powell lower rates. 
“Could somebody please inform Jerome ‘Too Late’ Powell that he is hurting the Housing Industry, very badly? People can’t get a Mortgage because of him,” he <a href="https://truthsocial.com/@realDonaldTrump/posts/115057827631877948">posted</a> on Truth Social on Tuesday. “There is no Inflation, and every sign is pointing to a major Rate Cut.”
This story has been updated with comment from Cook.

US-UKRAINE-RUSSIA-CONFLICT-SUMMIT-TRUMP

Trump Calls For Fed Official To Resign ‘Now’ After Mortage Fraud Allegations

Fraud

Mortgages

Pam Bondi

As President Donald Trump considers his options for replacing Federal Reserve Chair Jerome Powell, whose term expires in May, he said on Tuesday that Treasury Secretary Scott Bessent doesn&#8217;t want the job. Trump added that the field of candidates to replace Powell has narrowed to four candidates.
The president discussed the upcoming Fed Chair job opening during a nearly 40-minute phone interview with <a href="https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html">CNBC</a>. Trump did not explicitly reveal who made his list of final candidates for the position, but gave a couple of hints at who he could be considering after Bessent, who was considered one of the top candidates, told Trump that he wanted to remain as Treasury Secretary.
“I love Scott [Bessent], but he wants to stay where he is,” Trump told the hosts of &#8220;Squawk Box.&#8221; “I asked him just last night, ‘Is this something you want?’ [Bessent said], &#8216;Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Trump said that both former Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett &#8220;are very good,&#8221; adding, &#8220;there are other people that are very good too.&#8221; Both Warsh and Hassett have recently criticized the Fed&#8217;s refusal to lower interest rates. Warsh, who served as Fed governor from 2006 to 2011, was interviewed for the Fed Chair position in 2017 before Trump nominated Powell, Yahoo Finance <a href="https://finance.yahoo.com/news/trump-rules-out-bessent-as-next-fed-chair-says-may-name-powell-replacement-soon-132550942.html">reported</a>. Hassett&#8217;s ties to Trump include his current position as one of the president&#8217;s top economic advisers, as well as serving as an adviser in the first Trump administration.
The announcement of who will replace Powell could be coming &#8220;soon,&#8221; Trump said. He also commented on the <a href="https://www.dailywire.com/news/biden-appointed-fed-governor-resigns-as-trump-calls-for-interest-rate-cuts">resignation</a> of Biden-appointed Federal Reserve Board Governor Adriana Kugler last Friday, calling it a &#8220;pleasant surprise.&#8221;
Trump added that he will nominate a replacement for Kugler in the coming days. Asked if his pick to replace Kugler could also be his nominee for the Fed Chair, Trump said it was possible. Kugler will officially step down from her role on Friday.
While Trump didn&#8217;t name the other candidates in the running, multiple names have been floated in the media, including Fed Governors Christopher Waller and Michelle Bowman, who both dissented against the Fed&#8217;s decision last week to keep interest rates steady.
Waller and Bowman, who were both nominated by Trump to serve on the board, have been pushing for lower interest rates as Trump ramps up pressure on Powell. In their dissent, Waller and Bowman said that the central bank&#8217;s decision to keep interest rates between 4.25% and 4.50% <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">threatens</a> the economy.

Trump Narrows Fed Chair Shortlist To Four After Leading Contender Opts Out

Executive

Scott Bessent

Federal Reserve Governor Adriana Kugler announced her resignation on Friday, just two days after the Fed <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">voted</a> to keep interest rates steady for a fifth-straight meeting, further angering President Donald Trump.
Kugler, who was nominated by former President Joe Biden and joined the Board of Governors in September 2023, said that she will be taking a job as a professor at Georgetown University in the fall, CNBC <a href="https://www.cnbc.com/2025/08/01/federal-reserve-governor-kugler-part-of-the-committee-that-sets-interest-rates-is-resigning.html?taid=688d1693aafb050001834e57&amp;utm_campaign=trueanthem&amp;utm_content=main&amp;utm_medium=social&amp;utm_source=twitter">reported</a>. The Fed Governor did not say whether recent pressure on the central bank policymakers had played into her decision.
“It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,” Kugler wrote. “I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.”
Kugler was supposed to serve on the board until the end of her term in January of 2026. Over the past few months, she has supported keeping interest rates steady, pointing to uncertainty surrounding Trump’s tariffs. Powell praised Kugler following her resignation, saying, “She brought impressive experience and academic insights to her work on the Board.”
Kugler’s resignation opens up the door for Trump to nominate another nominee for the board, where his two previous appointees, Christopher Waller and Michelle Bowman, have been <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">pushing</a> for interest rate cuts. Waller and Bowman dissented from the Fed’s decision to hold rates steady, arguing that delaying rate cuts could damage the U.S. economy.
The president is also a few months away from nominating a new Fed Chair to succeed Jerome Powell when his term ends in May 2026. Waller and Bowman are both viewed as potential picks to take over as Fed Chair.
Trump has repeatedly slammed Powell after the Fed voted again on Wednesday to keep interest rates in the 4.25% to 4.5% range. The president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">suggested</a> on Friday that if Powell “continues to refuse” to lower interest rates, the board “SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” The next meeting to discuss interest rates is scheduled for September 16-17, and Powell gave no indication that the central bank will be ready to lower rates when they meet again.
“We don’t do that in advance,” he said at a press conference on Wednesday. “We’ll be taking that information into consideration and all the other information we get as we make our decision.”
Trump said on Wednesday that he heard the Fed will lower interest rates at its next meeting.
“Right now, there’s no inflation. Everybody thought there would be,” Trump <a href="https://x.com/RapidResponse47/status/1950616453289230363?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1950616453289230363%7Ctwgr%5E6eb0b4d6abe93cef17c929b8d42f0c7e0c258623%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Ffederal-reserve-defies-trump-again-keeps-interest-rates-unchanged">said</a>. “All we have is billions of dollars of cash flowing into our country.”

Adriana Kugler

Biden-Appointed Fed Governor Resigns As Trump Calls For Interest Rate Cuts

Federal Reserve Board Governors Christopher Waller and Michelle Bowman, both appointed to the body by President Donald Trump, spoke out on Friday about their dissent to the Fed&#8217;s <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">decision</a> to keep interest rates steady, arguing that delaying rate cuts risks harming the U.S. economy.
In separate statements explaining their dissents, Waller and Bowman, both widely considered as potential successors to Fed Chair Jerome Powell when his term ends in May, advocated for &#8220;gradual cuts&#8221; to interest rates, saying that President Trump&#8217;s tariffs have had little impact on inflation so far, CNBC <a href="https://www.cnbc.com/2025/08/01/fed-governors-bowman-waller-explain-their-dissents-say-waiting-to-cut-rates-threatens-economy.html">reported</a>. Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, as Trump has blasted Powell and pushed the board to cut rates drastically. The Fed&#8217;s decision marked the first time since 1993 that multiple governors dissented. Waller and Bowman are the only governors currently on the board whom Trump appointed.
“There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy,” wrote Waller. “But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.”
Bowman, who serves as the Fed&#8217;s vice chair for bank supervision, added, “With tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings. I see the risk that a delay in taking action could result in a deterioration in the labor market and a further slowing in economic growth.”
Waller said he supports cutting interest rates by as much as 1.5 percentage points, which would be much smaller than Trump&#8217;s push for a three percentage point cut. Waller and Bowman&#8217;s alignment with Trump&#8217;s policy preferences while dissenting from Powell has sparked speculation that they are positioning themselves for consideration for Fed Chair.
In a press conference on Wednesday, Powell acknowledged that inflation “has eased significantly from its highs in mid-2022,” but he added that it “remains somewhat elevated relative to our 2% longer-run goal.” The Fed Chair also pointed to continued unease over Trump&#8217;s tariffs, which he said “are pushing up prices in some categories of goods.”
In the two days following the Fed&#8217;s decision, Trump has taken to Truth Social to <a href="https://www.dailywire.com/news/trump-unloads-on-fed-chair-jerome-powell-too-angry-too-stupid-too-political">blast</a> Powell multiple times. His most recent criticism of the Fed Chair came on Friday morning in two separate social media posts.
&#8220;Jerome &#8216;Too Late&#8217; Powell, a stubborn MORON, must substantially lower interest rates, NOW,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">wrote</a>. &#8216;IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!&#8221;
In a follow-up post, the president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953595203270237">added</a>, &#8220;Too Little, Too Late. Jerome &#8216;Too Late&#8217; Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!&#8221;
Trump also commented on Waller&#8217;s and Bowman&#8217;s dissents, <a href="https://truthsocial.com/@realDonaldTrump/posts/114953428953267494">saying</a> that pushback &#8220;WILL ONLY GET STRONGER!&#8221;

Fed Chair Jerome Powell

Fed’s Delay On Rate Cuts Threatens U.S. Economy, Say Two Dissenting Governors Eyeing Top Job

President Donald Trump blasted Fed Chair Jerome Powell again on Thursday morning after the Federal Reserve Board of Governors <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Federal+Reserve+Defies+Trump+Again%2C+Keeps+Interest+Rates+Unchanged">voted</a> to keep interest rates steady for a fifth straight meeting.
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114947541528857255">wrote</a> in a Truth Social post that Powell, whom he has nicknamed &#8220;Too Late,&#8221; is &#8220;TOO ANGRY, TOO STUPID, &amp; TOO POLITICAL, to have the job of Fed Chair.&#8221;
&#8220;He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!&#8221; he added. &#8220;Put another way, &#8216;Too Late&#8217; is a TOTAL LOSER, and our Country is paying the price!&#8221;
The Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, even as Trump continues to push them to cut the rates, citing lower levels of inflation. During a press conference, Powell pointed to unease over Trump&#8217;s tariffs, many of which are set to take effect on Friday, along with inflation remaining above the Fed&#8217;s target annualized rate of 2% as reasons for the Fed&#8217;s decision.
Powell said that Trump’s increased tariffs “are pushing up prices in some categories of goods.” He added that policymakers “have made no decision” about where they will land at the next Fed meeting in September. Two Republican-appointed Fed Governors, Christopher Waller and Michelle Bowman, <a href="https://www.usatoday.com/story/money/2025/07/30/federal-reserve-interest-rate-cuts-live-updates/85430906007/">dissented</a> and pushed for the Fed to cut interest rates, marking the first time since 1993 that multiple governors opposed a Fed decision. Both Waller and Bowman are being floated as potential candidates for Trump to tap as a replacement for Powell as Fed Chair when Powell&#8217;s term ends in May 2026.
While the president continues his attacks on Powell, he <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he is not planning on firing the Fed Chair, despite drafting a letter and getting approval from some House Republicans to take the unprecedented move.
“Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,” Trump said. “We want to see lower interest rates. Our country deserves it. We’re making a lot of money. We’re doing great as a country. We have no inflation, record stock market, record business, record everything.”
Trump said on Wednesday, just moments before the Fed announcement was released, that he wasn&#8217;t expecting the policymakers to lower interest rates.
“I hear they’re going to do it in September, not today,&#8221; he added. &#8220;For what reason, nobody knows.&#8221;

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