President Donald Trump is moving full steam ahead with his plans to replace Federal Reserve board member Lisa Cook with his own hand-picked candidate. But at least one Senate Republican is now publicly doubting his ability to do so.
Semafor reported Tuesday that Sen. Lisa Murkowski (R-Alaska) is openly questioning whether the Senate even has the ability to fill a supposed vacancy on the Fed's board of governors since Cook's firing is currently being challenged in court. Murkowski suggested to the outlet that Fed board appointee Stephen Miran — who is currently serving as the chairman of the White House's Council of Economic Advisers – may not be able to fill the seat even if he's confirmed by the full Senate.
"The president needs to respect [the courts]. But he’s willing to push it," the Alaska Republican said. "I don’t know that you can say there’s a vacancy yet, if she has said, 'I’m not stepping down, I’m not resigning.' And he can’t fire her without cause and the court needs to determine whether there’s cause. I don’t know if there’s a vacancy."
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Murkowski's point is valid, as Cook has sued the Trump administration over his attempt to fire her late last month. The Federal Reserve Act of 1913 stipulates that a Fed member can't be fired without "cause," and Trump argued that the criminal referral to the Department of Justice by housing regulator Bill Pulte over questions surrounding Cook's mortgage records justified her removal.
However, Cook — who has said that her listing two primary residences on mortgage applications was a "clerical error" — has het to even be charged with a crime, let alone convicted. She has also insisted that she isn't resigning from her role and will continue to serve on the Fed's board for the foreseeable future, with her term not expiring until 2038.
Semafor's Eleanor Mueller and Burgess Everett reported that Cook's legal challenge could take "months," which would complicate the Senate's effort to have Miran confirmed ahead of the Fed's September meeting. And in addition to Murkowski, Sen. John Neely Kennedy (R-La.) also expressed hesitation about the process, and the impact Cook's attempted firing could have on the independence of the central bank.
"I don’t believe in having a Federal Reserve that acts on political considerations," Kennedy said. "I believe the Federal Reserve should be independent — and as evidence of that, I give you Turkey."
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Click here to read the full article in Semafor.