President Donald Trump fired Federal Reserve Governor Lisa Cook, citing mortgage fraud allegations according to the White House. Legal experts noted that Federal Reserve governors can only be removed for cause, a protection intended to preserve Fed independence. Cook, appointed under President Joe Biden, denied wrongdoing and refused to resign. On MSNBC, host Michael Steele invoked Alexander Hamilton's vision of an arm's-length relationship between government and central banking. Guest Norm Eisen cited a Supreme Court precedent, accused the president of acting under partisan pressure, denounced the firing as unconstitutional, and theatrically tore up the termination letter on air.
Eisen, pointing to a Supreme Court precedent, said Trump's action was categorically different from other contested firings. He further accused the president of acting on partisan pressure from Bill Pulte, head of the Federal Housing Finance Agency. He continued: But Donald Trump doesn't care about the Constitution! He doesn't care that Congress has said you can only fire somebody for cause! He doesn't care that he has no cause here!
During an appearance on MSNBC's The Weeknight on Monday, Steele reminded viewers that the Federal Reserve's roots date back to Alexander Hamilton's vision of an arm's-length relationship between government and central banking. In a theatrical flourish, Eisen seized a copy of Trump's termination letter from a co-panelist and tore it in half live on air. Do you know what Lisa Cook should do? What Nancy Pelosi did. She should tear that letter, he said, before handing the shredded document to Steele. It's worthless!
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