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Read original →The Fed's House of Cards: Another Fraud Scandal Erupts
Federal Reserve Board Governor Lisa Cook has been accused of mortgage fraud. Experts see this as Trump's attempt to bring the regulator to heel and oust Jerome Powell. What it means for the dollar and the markets.
AI summary
The head of the Federal Housing Finance Agency accused Federal Reserve Board of Governors member Lisa Cook of mortgage fraud. Experts believe this is part of Trump's strategy to establish control over the Fed through pressure on allies of Chairman Jerome Powell. The situation could lead to increased market volatility and undermine confidence in the dollar as a reserve currency.
One Rule for Friends, Another for Everyone Else. And What Caught Trump's Attention
Federal Housing Finance Agency Director Bill Pulte recently leveled accusations against Federal Reserve Board Governor Lisa Cook. According to him, the official listed two homes in different states (Michigan and Georgia) as her primary residence in order to secure favorable mortgage terms. Cook denies the allegations, claiming she's being "intimidated," and promises to voluntarily answer any questions.
In the United States, thanks to a robust civil society, such investigations are routine. For example, former House Speaker Nancy Pelosi and her husband were accused of insider trading for years. But in Lisa Cook's case, the situation is intensified by President Trump's attention: she's one of Fed Chair Jerome Powell's staunchest supporters.
Independent analyst and author of the Telegram channel Angry Bonds Dmitry Adamidov is convinced that Trump needs any pretext to replace unwanted Fed members. He's looking for them wherever possible.
Meanwhile, Alexander Belov, founder of the Telegram channel "Sobachye serdce" (Heart of a Dog), emphasizes that subordinating the Fed to the president (fiscal dominance) is Trump's dream. And he can achieve it either through a loyal Board of Governors (7 members) or by replacing the chairman.
Which means Lisa Cook could become a pawn in a gambit aimed at forcing Jerome Powell's early resignation.