President Donald Trump said Tuesday that his government “very soon” will have “a majority” at the Board of Governors of the Federal Reserve that will allow a reduction of interest rates for which he has been advocating for some time, which underlines his plan to openly influence an institution that by law must act independently.
“We will have a majority very soon. And that is going to be great. Once we have a majority, the real estate sector will rebound and it will be great because people are paying an interest rate too high,” Trump said during a meeting with his cabinet in which he also talked about the president of the Fed, Jerome Powell, and the Governor Lisa Cook, to whom yesterday sent a letter notifying the dismissal.
The economist, to whom Trump has harassed accusing her of real estate fraud without having mediated an investigation, already said she would not leave her position and announced today through her lawyer who will bring the president’s decision to the courts.
You may be interested: Trump takes his fight against a new level with the dismissal of Lisa Cook
“We have very good people for that position,” Trump replied, without giving details, on account of a possible replacement for Cook, a decision in which he said that the Secretary of Commerce, Howard Lutnick will also participate, and that of the Treasury, Scott Besent.
Treasury justifies intrusion into the Fed
Besent, in fact, wanted to justify the interference of the administration in the work of the Federal Reserve.
“The independence of the Federal Reserve comes from a political agreement between the Institution and the American people. The confidence of the public is the only thing that gives them credibility,” said Besent, who added that Trump “is restoring confidence in the government” and “has the overwhelming mandate of the US people.”
MOST CONTEXT: Can Trump say goodbye to Lisa Cook? We tell you why the president’s decision is legally uncertain
Trump also loaded again during the meeting against Powell, to which he nicknames “late.”
The president accused him of not allowing the real estate sector due to interest rates, currently in a range between 4.5% and 4.25%, and considered that “she is not bad person” but that “has reasons” not to make monetary policy more flexible.
“We are going to solve this very fast. Fortunately, it will leave very soon,” in reference to Powell’s mandate, which concludes in May 2026.
With EFE information
Inspy, discover and share. Follow us and find what you are looking for on our Instagram!
