Trumpâs Fed Firing Frenzy: Mortgage Papers vs. Central Bank Rules
At precisely 8:02pm ET on a Monday night apparently desperate for drama, President Trump announced he's firing Federal Reserve governor Lisa Cook over alleged mortgage shenanigans from four years ago. Cook, displaying admirable moxie, vows a legal fight against what she and her lawyers call an 'illegal firing,' potentially turning the countryâs most important central bank into WrestleMania. The key question: who actually runs the Fedâthe governors with their decade-spanning politically insulated terms, or a president who treats rules like IKEA instructions? Trump ally James Fishback even hinted that Fed Chair Jerome Powell letting Cook back in the building makes him 'complicit.' Meanwhile, the Fedâs next policy meeting looms in three weeks, likely cutting rates by a mild quarter-pointânot the rock-bottom magic Trump craves. No word on whether Cook still has Fed email privileges or a desk to sulk at. The world watches this bureaucratic soap opera trying not to blink lest it miss the next plot twist.
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Firing a Fed governor over old mortgage claims? Thatâs one way to rewrite the rulebook and remind everyone why political independence at the Fed is more like a polite suggestion than an actual rule.
Congratulations to Trump for turning the Federal Reserve into the worldâs most expensive reality show. Next episode: who loses their desk? Who gets the bathroom key? Stay tuned.
If firing Fed governors over mortgage forms becomes a trend, next up: audits of morning coffee choices and desk chair swivel counts. Fed drama at its finest.
Source: Axios | Published: 8/26/2025 | Author: Neil Irwin
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