Trump continues attacks on Fed leadership
Marketplace Morning Report
American Public Media
4.5 • 808 Ratings
🗓️ 21 August 2025
⏱️ 7 minutes
🧾️ Download transcript
Summary
President Donald Trump recently demanded that Federal Reserve Governor Lisa Cook resign after she was accused of mortgage fraud. In a statement, Cook said she has no intention of being "bullied to step down" and that she's "gathering the accurate information to answer any legitimate questions." We'll hear more. Plus, a weakening labor market sets the backdrop for the Fed's annual Jackson Hole conference, and Microsoft's AI chief voices concerns about "AI psychosis."
Transcript
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| 0:00.0 | A federal reserve official says she's being bullied by the president and his team. A top federal |
| 0:09.1 | reserve official is refusing President Trump's demand that she resign immediately. The president |
| 0:14.3 | is posting about fraud involving a mortgage application. Fed Governor Lisa Cook says she will not |
| 0:20.2 | step down. Marketplaces Nancy Marshall-Genzor is following this. |
| 0:23.8 | This all started when U.S. Federal Housing Finance Agency Director Bill Pulte accused Cook of mortgage fraud. |
| 0:31.4 | He says Cook claimed two properties as her primary residence to get a lower mortgage rate. |
| 0:36.1 | In a post on social media, President Trump said |
| 0:38.5 | Cook should resign, but in a statement, Cook said she has no intention of being, quote, bullied to step |
| 0:44.0 | down, and she's, quote, gathering the accurate information to answer any legitimate questions. |
| 0:50.1 | And in an online post, Pulte said President Trump now, quote, has cause to fire cook for cause. Nancy can work. |
| 0:59.3 | Yeah, the Banking Act of 1935 just says Federal Reserve governors can only be removed by the president for cause. |
| 1:07.3 | It's not clear what that entails, but it's been interpreted as corruption or serious |
| 1:12.7 | misconduct. This is all happening as President Trump has been pressuring the central bank to |
| 1:17.3 | lower interest rates. If Cook were to resign, would the president get what he wants? |
| 1:22.2 | Not necessarily, David. The Federal Open Market Committee, the FOMC, it sets interest rates. |
| 1:29.2 | It has 12 members, the Fed Chair, members of the Fed's Board of Governors, but also a rotating |
| 1:34.9 | list of the presidents of the regional Fed banks. |
| 1:38.3 | I talked to Mark Spindell about this. |
| 1:40.7 | He's chief investment officer at Potomac River Capital. |
| 1:44.0 | Just gaining an additional vote from the Board of Governors. about this, he's chief investment officer at Potomac River Capitol. |
| 1:51.8 | Just gaining an additional vote from the board of governors is just one more vote in favor, but not a guarantee that Trump would get what he wants. And let's be clear, what he wants is lower interest |
| 1:57.4 | rates. And even if Trump tried to fire Cook, Spindell says it looks like she would go to |
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