‘Trump couldn’t fire who he wanted – so he went for the woman instead’
Donald Trump has tried (and failed) to get Lisa Cook removed from the board of the Federal Reserve, in his latest attempt to control interest rates in the US. Is this a desperate attempt to make America great again?
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In brief…
- Lisa Cook is refusing to step down from the board of the Federal Reserve, despite attempts by Donald Trump to have her removed from the role, seemingly to replace her with someone to tweak interest rates to his liking.
- The News Agents say this is a “naked power grab” after previously failing to oust Jerome Powell.
- His goal is to “control what cannot be controlled”, they add, saying he wants to fix interest rates, which would destabilise the US economy.
What’s the story?
Lisa Cook is Donald Trump’s latest target - even if most people won’t have known who she is before this week.
Cook is a member of the Federal Reserve board, working under Jerome Powell – who has previously felt the full force of Trump’s fury.
Now, Trump is trying to get Cook removed from the FED board, but as things currently stand, she’s not going anywhere, and is refusing to step down from her role.
“The Federal Reserve Board is pretty well protected,” says Emily Maitlis.
“They cannot just be fired by the President.”
Lisa Cook is the first, and only, black woman to be appointed to the board of the FED.
Why did Trump start gunning for Lisa Cook?
Donald Trump became interested in removing Cook from her position after a string of tweets from Bill Pulte, US director of Federal Housing, which accused her of mortgage fraud on social media.
A few days after he made these claims, Trump attempted to have her removed.
While the President has no license to fire a Fed official at will, The Federal Reserve act states that they may do so “for cause” - and Trump argues the alleged mortgage fraud is sufficient cause.
But there has been no investigation into Cook, nor have any charges been filed and a lawyer for Cook states that the President’s effort "lacks any factual or legal basis".
“There has been nothing proven against her whatsoever, and it looks like a naked power grab by Donald Trump to get rid of someone who'd been appointed by Joe Biden,” says Jon Sopel.
“He wants to put someone in who will do his bidding, so that Donald Trump – not a bunch of independent minded officials, or technocrats who've got America's best interests at heart – will set the interest rates for the United States of America.”
Why does Trump want to control US interest rates?
Despite all of Trump’s actions – tariffs, dragging immigrant people off the streets, sending the National Guard into Democrat-run states – the US is not flourishing under his second term in the White House.
He sees cutting interest rates as a fast-track to ‘making America great again’, but has already been thwarted by Jerome Powell, who previously refused to bow to his will and slash the rates.
“Trump is basically trying to control something that cannot be controlled – the state of the economy,” says Emily Maitlis.
“Trump first went to war with the FED when he threatened to sack its chairman, Jerome Powell, for not reducing US interest rates – which is done when economically possible, not when the president demands it.”
A video of Trump scolding Powell for a property development costing more than predicted went viral in July 2025, with the FED chairman responding by putting Trump firmly in his place, showing him how he’s mixed up his numbers entirely.
“Trump can't fire Powell because he doesn't want to upset the markets so he goes, as ever, for the woman instead,” says Emily.
Trump previously fired Erika McEntarfer, the former head of the US Bureau of Labour Statistics, after it delivered stats that, while accurate, were not to his liking, regarding employment figures in the US.
“Now, the Bond Markets are muted but wary.
“They're not reacting because Cook hasn't actually gone - but I'm not massively sure this is the trajectory we want to be on right now.”