Third Way Statement on Trump’s Attempt to Fire Federal Reserve Governor Dr. Lisa Cook

WASHINGTON—Third Way released the following statement from Gabe Horwitz, Senior Vice President of the Economic Program:  

“Donald Trump is engaged in an all-out assault on the systems that keep our economy the envy of the world. After his attack on independent government data, now the President is attempting to fire an independent financial regulator for the crime of fighting inflation. Leaving aside that Dr. Lisa Cook is an expert voice on the Fed, Trump’s attempt to remove her should be a five-alarm fire for American business and consumers. The Fed must be free from White House and congressional interference. That protects the American people from politicians making economic decisions to help their campaigns while jeopardizing the US economy. But if Trump is allowed to bend the Fed to suit his political whims, Americans should expect job losses, higher prices, and a business environment where decisions are shaped by how cozy you are with the President. That’s called crony capitalism.

“As Democratic capitalists, we believe a robust private sector, free from undue government control, is key to our strength. It may suit the President’s desire to change the subject from Jeffrey Epstein and his failure to tame surging prices, but the result will be a weakened economy and growing discontent from American workers and businesses. Dr. Cook cannot be fired, and she should not resign.”