Nonilex
@Nonilex@masto.ai  ·  activity timestamp last week
#FederalReserve Governor #LisaCook has hired Abbe Lowell, a well-known Washington lawyer, to represent her, in a signal that she intends to fight the allegations strenuously in #court.

Lowell, who previously defended President Joe Biden's son Hunter against criminal charges, said in May he was launching a new law firm to represent former government officials & others targeted by the #Trump admin.

#law #economy
https://www.reuters.com/world/us/live-trump-orders-firing-fed-governor-lisa-cook-over-mortgage-fraud-2025-08-26/
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

Lowell left his large law firm Winston & Strawn to launch Lowell & Associates, which will defend clients including individuals, institutions & others that are "facing politicized investigations, civil & administrative actions," the firm said in May.

The new firm also includes 2 former lawyers at #SkaddenArps who quit over its response to #Trump's executive orders targeting the legal profession.

#law #economy#FederalReserve#LisaCook
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week
#Trump says he plans to fire #FederalReserve Governor #LisaCook - while she says he doesn't have that authority.

Elliot Hentov, Head of Macro Policy Research at State Street told Reuters the #market is still trying to determine whether the Fed's #independence is being eroded, but he thinks investors aren't taking that threat seriously enough yet.

#law #economy#AbuseOfPower
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

We will be filing a lawsuit' - Cook's lawyer Lowell

“President #Trump has no authority to remove #FederalReserve Governor #LisaCook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action," Cook's lawyer Abbe Lowell says.

#law #economy#AbuseOfPower
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

AFL-CIO: 'Alarming escalation' by #Trump

The #AFLCIO, the US's biggest #labor federation, criticized Trump’s attempted firing of #LisaCook, calling it "an alarming escalation of his attack on #independent federal agencies that working people’s #jobs & livelihoods depend on" in a statement on Tuesday.

The group represents dozens of labor #unions & over 15 million people.

#law #economy#FederalReserve#AbuseOfPower

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Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

The new head of the #Bank for International Settlements used his first prominent speech to stress the need for central banks to focus on #inflation & for their #independence from #politicians to be protected.

"A clear price stability mandate, independence & accountability are the anchor, hull & mast of the monetary policy vessel," Pablo Hernandez de Cos, who in July took over as General Manager of #BIS, often dubbed the central bankers' #CentralBank, said.

#Trump #law#FederalReserve#LisaCook
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

He did not address Trump's moves directly but laid out what he described as the "foundations" for #CentralBank credibility.

#Independence was vital so central bankers are able to set interest rates & use tools like quantitative easing, "based on economic considerations in the long-term public interest, free from short-term political interference," the former #Bank of Spain Governor said.

#Trump #law #economy#FederalReserve#LisaCook#AbuseOfPower
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

'Unlawful attack' on #Fed integrity says Congressional Black Caucus

The Congressional #Black Caucus, a group of dozens of lawmakers in the US #House & #Senate, called Trump's push to fire #LisaCook #unlawful in a post on X on Tuesday:

“In the 111-year history of the #FederalReserve, no president has ever attempted to remove a governor of the #CentralBank until now.“

#law #economy#Trump#AbuseOfPower
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

“President #Trump is attempting to oust Dr. #LisaCook — the first #Black #woman to serve on the #FederalReserve Board — with no credible evidence of wrongdoing. This is a blatant effort to distract from his failure to lower costs for Americans & a transparent attempt to install a loyalist at the #CentralBank who will carry out his agenda without question."

#law #economy#AbuseOfPower
Nonilex
@Nonilex@masto.ai replied  ·  activity timestamp last week

“Let’s be clear: this is a #racist, #misogynistic, & #unlawful attack on the integrity & #independence of the #FederalReserve. It is a dangerous attempt to politicize & exert control over the #CentralBank — one that will only continue to damage the #economy, harm hardworking Americans, & undermine our credibility on the world stage."

#law #economy#Trump#LisaCook#CBC#AbuseOfPower