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As the Wall Street Journal reports that Donald Trump wants to quickly nominate a replacement for Lisa Cook, the Federal Reserve governor who is resisting his attempt to force her out, the president told reporters he has a favorite candidate.
Asked about possible replacements for Cook during his marathon televised cabinet meeting on Tuesday, Trump said: “We have some very good people for that position.”
“I think, maybe in my own mind, I have somebody that I like,” Trump added, before saying that he would also consult Scott Bessant, the treasury secretary, and Howard Lutnick, the commerce secretary.
Trump appears to be considering the possibility of naming his economic adviser Stephen Miran to serve out the remainder of Cook’s term, which does not expire until 2038. Earlier this month, Trump nominated Miran to serve for a much shorter term, as a replacement for another member of the Fed’s board, Adriana Kugler, a Biden nominee who was due to be replaced in five months.
Cook has said that she will sue to keep her position as a governor of the independent central bank and her lawyer, Abbe Lowell, called Trump’s move to fire her “illegal”.
In May, when the supreme court’s conservative majority ruled that the president could fire members of other independent agencies without cause, they rejected the argument that allowing him to do so would also permit him to replace members of the Federal Reserve. The court’s order on the other agencies, the justices wrote, had no bearing on “the constitutionality of for-cause removal protections” for members of the central bank.
“The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,” the conservative justices wrote.
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Donald Trump during the cabinet meeting on Tuesday. Photograph: Aaron Schwartz/Pool/Aaron Schwartz – Pool/CNP/Shutterstock
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