The Daily Trump’s Takeover of the Fed
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Aug 27, 2025 
Ben Casselman, Chief Economics Correspondent for The New York Times, delves into President Trump's audacious attempts to fire Fed board member Lisa Cook, raising concerns about the central bank's independence. He highlights Cook's remarkable journey from civil rights struggles to her role at the Fed. The discussion touches on political maneuvering and its dangerous implications for economic stability. Additionally, Casselman emphasizes how uncertainty affects innovation and participation, particularly for marginalized communities, amidst Trump's controversial influence over monetary policy.
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From Segregation To Economics
- Lisa Cook grew up desegregating schools in Georgia and still bears a physical scar from a racist attack she experienced as a child.
- She later climbed Mount Kilimanjaro, discovered economics, and became a pioneering Black woman in the field.
Violence Suppresses Innovation
- Cook's research links violence and insecurity to a sharp decline in Black patenting and innovation during post-Reconstruction America.
- She argues that physical insecurity acts like a tax on innovation and harms the broader economy.
Narrow Path To The Fed
- Cook built a distinguished career studying international economics, Russia, and economic inclusion and was nominated by President Biden to the Fed Board in 2022.
- Her confirmation was narrowly approved by a 50-50 Senate vote broken by Vice President Kamala Harris.