Bloomberg Talks Counselor to Treasury Secretary Scott Bessent Joe Lavorgna Talks Lisa Cook Lawsuit
Aug 27, 2025
Joe Lavorgna, Counselor to Treasury Secretary Scott Bessent and former economic advisor to President Trump, dives into the legal intricacies behind Lisa Cook's potential dismissal from the Federal Reserve. He discusses how this clash affects public trust in government and the need for accountability in federal appointments. The conversation touches on anticipated interest rate cuts and the political dynamics surrounding them, while also analyzing inflation trends and the government’s investment in major tech companies like NVIDIA and Intel.
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President Sees Cause For Fed Removal
- Joe Lavorgna says the Federal Reserve Act requires 'for cause' removal and the administration believes forms were filled improperly.
- He argues the president has reason to pursue removal to restore trust and accountability in regulators.
Order An Internal Review First
- Do pursue an internal Fed probe, as Secretary Bessent recommended, to clarify procedural issues and allegations.
- Let courts and internal reviews determine whether removal actions followed legal requirements.
Checks Remain Through Confirmation Process
- Lavorgna stresses that Fed appointments still require Senate confirmation, limiting unilateral control.
- He also suggests regional Fed bank selection is quasi-private and may need reform to reduce rubber-stamping.