Fed Governor Lisa Cook is standing up to Donald Trump , suing to keep her job because she says the president is trumping up a scandal and she’s fighting for Fed independence.
Trump has called for Cook’s head for allegedly committing mortgage fraud by signing documents that she had two primary residences.
We should let the courts decide that one.
But Cook’s notion that she’s standing up for the sanctity of the Fed should be taken with a grain of salt.
The Fed has long been distracted by side hustles to its “dual mandate” of price stability within the context of maximum employment. It’s far from an apolitical agency.
Even more, Cook’s own appointment by Joe Biden in 2022 is an example of how politics, particularly of the left-wing variety, has been infused into the Fed’s plumbing.