The man can’t stop when he’s ahead. Donald Trump is now removing a Federal Reserve Governor because of alleged mortgage fraud.
The governor, Lisa Cook, is also the only woman of color on the board, so his action is doubly fatal.
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Not only will his action draw the remaining governors together to oppose any rate cut in September to spite the president, but it will also not sit well among black persons, esspecially females.
“I have determined that there is sufficient cause to remove you from your position,” Trump wrote in a letter to Cook posted on social media on Monday night.
Mortgage fraud appears to be the latest weapon in the president’s retribution arsenal, as it is also being used — potentially at least — against New York Attorney General Letitia James and Senator Adam Schiff.
On top of all the political fallout, legally it is not at all clear if Trump can even remove a board governor.
I for one can’t think of a quicker action to kill any potential for a rate reduction by the Federal Reserve in September than by removing one of the governor’s especially the board’s first and only black female member.
My prediction; The Stock Market will tank on Tuesday.
MY BAD: 24 hours later, and the market not only didn’t tank but actually had a nice rise.
PICTURED: President Trump and Fed Chairman Jerome Powell touring the board’s headquarters.