finance
Trump Administration Renews Effort to Remove Fed Governor Lisa Cook
The Supreme Court ruled Monday that Governor Lisa Cook can remain in her position while litigation continues. President Trump said the administration will begin a new removal process using proper procedures.
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President Trump stated the administration will start a new process to remove her from the Board of Governors. Trump told CNBC on Thursday that the court decision rested on procedure rather than the underlying allegations. He said the administration would follow correct steps to pursue her removal.
Treasury Secretary Scott Bessent is consulting contacts about potential candidates for the role, according to people familiar with the matter. The Atlanta Fed president votes on interest-rate decisions in 2027. The selection process restarted after Fed Chairman Kevin Warsh was sworn in.
Powell's continued service Former Chair Jerome Powell remains on the Board of Governors after his term as chair ended. Powell accepted a John F. Kennedy Profile in Courage Award in late May and said he would keep a low profile. White House National Economic Council Director Kevin Hassett said on Fox Business this week he is concerned about Powell staying.
He stated a majority of Fed officials may vote based on opposition to Trump rather than policy merits. A Fed inspector general report on headquarters renovation cost overruns is expected later this month. U.S. Attorney Jeanine Pirro said in April the criminal probe was paused but could resume after the report.
White House spokesman Kush Desai said the administration has confidence in Chairman Warsh and that supply-side policies are cooling inflation.
