Today, Explained Fed up
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Aug 27, 2025 
Matt Grossman, an economics reporter at The Wall Street Journal, and Andrew Prokop, a journalist at Vox, dive into the contentious relationship between President Trump and the Federal Reserve. They explore Trump's attempts to exert influence over interest rates and his criticism of Fed Chair Jerome Powell and Governor Lisa Cook. The conversation unpacks Lisa Cook's impressive credentials and the political ramifications of her scrutiny amid mortgage fraud allegations. They also discuss the implications of political maneuvers undermining the independence of the Fed and the broader democratic norms.
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Who Lisa Cook Is
- Lisa Cook is an academic economist who researches economic history and racial disparities in the U.S.
- She served on the Fed board for about two years after being nominated by Joe Biden.
Mortgage Records Sparked The Attack
- Bill Pulte publicized mortgage documents alleging Cook applied for two primary-residence mortgages weeks apart.
- The administration quickly used those claims to justify trying to remove her for cause.
Firing A Fed Governor Is Legally Uncertain
- Fed governors have for-cause removal protections that make firing them legally uncertain.
- Courts have rarely tested presidential removal of Fed members, so outcomes remain unclear.