Sen. Elizabeth Warren, D-Mass., said that President Donald Trump is casting the Federal Reserve as the “bad guys” for higher prices and has “hit men” digging up dirt on board members in an attempt to “seize control” of the central bank.
Warren laid the blame on Trump during an interview with CNN on Tuesday, one day after Trump removed a Fed governor, Lisa Cook, citing an accusation of mortgage fraud against her.
Warren said Trump has a “really serious economic problem” given that the cost of goods and services has risen roughly 2.7% year over year.
“He promised over and over and over that he would lower costs for American families on day one,” Warren told CNN. “And Donald Trump wants to find somebody to blame all of that on. He’s trying to make the Fed the bad guys here.”
At issue for Cook is that she claimed two primary residences — in Ann Arbor, Michigan, and Atlanta — in 2021 in order to secure better mortgage terms. In an Aug. 15 letter to U.S. Attorney General Pam Bondi and Justice Department official Ed Martin, Federal Housing Finance Agency Director Bill Pulte alleged that Cook falsified bank documents and property records to secure more favorable loan terms, potentially committing mortgage fraud.
Cook is mounting a legal challenge in an effort to block her removal from the Fed, and Warren backs her.
“Look, the legal standard for cause here is failure to do her job. And so, it’s about inefficiency or malfeasance in office, something that is related to her job,” Warren told CNN. “What’s going on here is that one of Donald Trump’s hit men has access to data, and he’s clearly trying to go through Donald Trump’s perceived enemies list and see if he can dig up dirt on someone and if it might be enough to help Donald Trump seize control over the Fed.”
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