Trump Seeks Fed Control Amid Cook Firing Dispute

President Donald Trump is intensifying his efforts to influence the Federal Reserve by attempting to remove Governor Lisa Cook, an action that challenges the central bank's independence and has sparked legal and political confrontations. Cook plans to sue Trump, asserting that the president lacks the authority to fire her and characterizing the attempt as baseless and illegal, while the Federal Reserve has reaffirmed its commitment to independence and will abide by any court decision. Trump's move is seen as part of a broader strategy to secure a majority on the Fed's Board of Governors with members sympathetic to his push for aggressive interest rate cuts, which has unsettled investors and raised concerns among some Republican senators. The administration's campaign against Fed Chair Jerome Powell and the central bank's policy decisions has been ongoing, but the firing attempt marks a significant escalation from rhetoric to direct action. Despite limited GOP support for Trump's efforts, the situation puts congressional Republicans in a position to either defend the Fed's autonomy or align with the president's agenda. The Federal Reserve's long-standing protections for governors are designed to shield monetary policy from political interference, but Trump's actions threaten to erode this independence.