Trump ousts Fed Reserve Governor Lisa Cook over mortgage fraud allegations

WASHNGTON, D.C.—President Donald J Trump today announced to X the immediate removal of Federal Reserve Governor Lisa Cook, a Biden appointee, “for cause” under Article II of the U.S. Constitution. Although the Board is intended to act independently, a president can remove any governor for inefficiency or misconduct. Cook’s removal is centered on a recent […]

Major US banks considering legal action against federal regulators

WASHINGTON, D.C.—First reported by Semafor on January 11, Bank Policy Institute (BPI), a nonpartisan public policy and advocacy group representing the nation’s leading banking institutions, is gearing up to sue U.S. regulators over proposed rules that would increase capital reserve requirements on banks with total consolidated assets of at least $100 billion. The changes would […]

Federal Reserve hikes benchmark interest raising recession fears

WASHINGTON, D.C., July 27, 2022 – The Federal Open Market Committee raised the target range for the federal funds rate by 3/4 percentage point, bringing the target range to 2-1/4 to 2-1/2 percent, Federal Reserve Chairman Jerome Powell announced today. As of June 2022, the federal fund effective rate is 1.52 percent. This is the […]