Today, President Donald Trump urged Federal Reserve Governor Lisa Cook to resign, referencing a request from the head of the U.S. Federal Housing Finance Agency for the Department of Justice to investigate Cook for alleged mortgage fraud.
Trump took to Truth Social to make his request, writing: “Cook must resign, now!!!”
Trump’s comments come after weeks of pressure from the Trump Administration on the Federal Reserve, including Treasury Secretary Scott Bessent announcing he will begin interviewing candidates for Federal Reserve Chair once the White House narrows down the unexpectedly large pool of contenders.
In an interview on Tuesday, Bessent confirmed that the race to replace current Chair Jerome Powell involves 11 candidates. “In terms of the interview process, we’ve announced 11 very strong candidates. I’m going to be meeting with them probably right after Labor Day, and to start bringing down the list to present to President Trump. It’s an incredible group.”
Although Jerome Powell’s term does not end until May 2026, the White House is eager to start the process as it emphasizes an urgent need for interest rate cuts.
Bessent stated, “If we keep constraining home building, then what kind of inflation does that create one or two years out? So a big cut here could facilitate a boom or a pickup in home building, which will keep prices down one two years down the road.”
The current list of Federal Reserve Chair candidates includes:
- Fed Vice Chair for Supervision Michelle Bowman
- Fed Governor Chris Waller
- Fed Vice Chair Philip Jefferson
- Marc Summerlin, an economic advisor in the Bush Administration
- Dallas Fed President Lorie Logan
- Former St. Louis Fed President James Bullard
- Kevin Hassett, director of the National Economic Council
- Former Fed Governor Kevin Warsh
- Jefferies’ Chief Market Strategist David Zervos
- Former Fed Governor Larry Lindsey
- Rick Rieder, Chief Investment Officer for Global Fixed Income at BlackRock
Current Fed Chair Powell will deliver what is likely his final keynote address at the Fed’s annual symposium in Jackson Hole, Wyoming, on Friday.
By CEO NA Editorial Staff