"The administration ramps up attacks on the central bank as governor says she won't step down. A showdown is brewing at the Federal Reserve after Trump announced on Monday night that he was firing Governor Lisa Cook, an unprecedented move that immediately raised fears for the central bank's independence. Cook has said she will not step down. The administration is threatening to withhold federal funding to three Democratic states California, New Mexico, and Washington unless they adopt English proficiency requirements for commercial truck drivers."
"The administration is threatening to withhold federal funding to three Democratic states California, New Mexico, and Washington unless they adopt English proficiency requirements for commercial truck drivers."
The administration fired Federal Reserve Governor Lisa Cook, prompting immediate concerns about the central bank's independence. Governor Cook has stated she will not step down. Tensions have escalated into a brewing showdown at the Federal Reserve following the firing announcement. The administration is also leveraging federal funding by threatening to withhold monies from three Democratic states, California, New Mexico, and Washington. The funding threat conditions federal support on those states adopting English proficiency requirements for commercial truck drivers. The combined actions represent heightened political pressure on both monetary policy institutions and state-level policy decisions.
#federal-reserve #lisa-cook #central-bank-independence #federal-funding-pressure #english-proficiency-requirement
Read at www.aljazeera.com
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