The president\u2019s attack dog is accusing a Fed governor of mortgage fraud.<\/b>
\nThis story appeared in The Logoff, a daily newsletter that helps you stay informed about the Trump administration without letting political news take over your life. Subscribe here.
Welcome to The Logoff: A key Trump administration attack dog is helping the president go after the Federal Reserve by accusing a Fed board member of mortgage fraud.
What just happened? On Wednesday, Federal Housing Finance Agency director Bill Pulte claimed that Fed governor Lisa Cook had committed mortgage fraud by claiming two different primary residences on loans, and that President Donald Trump had \u201cgreat cause\u201d to fire Cook. Trump wrote in a social media post that \u201cCook must resign, now!!!\u201d and is reportedly considering firing her.
As a Fed governor, Cook helps oversee the country\u2019s central banking system and set US monetary policy, including interest rates.
What\u2019s the context? Pulte, as my colleague Andrew Prokop has documented, has a long history of using his office to attack Trump\u2019s enemies. He\u2019s accused both Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James of mortgage fraud, and he has long pushed for Fed chair Jerome Powell to resign \u2014 including attempting to provide Trump with pretext to fire Powell for cause and drafting a letter to that effect.
Why is Trump going after the Fed? Trump badly wants to bring US monetary policy under his control so he can lower interest rates, and the deliberately independent structure of the Fed is hindering his efforts. But if he forces out Cook, who will otherwise serve until 2038, he could soon have a majority on the Fed\u2019s seven-member board of governors.The Logoff
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Why does this matter? The Fed is independent for a reason. Its decisions move markets and could be used for short-term political gain, but its decision-makers are insulated by design from partisan pressure so they can do what\u2019s right for the long-term health of the economy (Fed governors like Cook serve 14-year terms). A more pliant Fed board that listens to Trump\u2019s demands could quickly become a problem for everyone.And with that, it\u2019s time to log off\u2026
A bear broke into an ice cream shop in South Lake Tahoe over the weekend, where it spent some time behind the counter, reportedly \u201cshowing interest in the strawberry ice cream\u201d \u2014 a great choice \u2014 before being ushered out by sheriff\u2019s deputies. The adventure resulted in very little property damage and some fantastic photos, which you can see here. Have a great evening, and we\u2019ll see you back here tomorrow!<\/p>\n