Why did President Trump want to fire this Federal Reserve official?

Why did President Trump want to fire Why did President Trump want to fire this official at the Federal Reserve? this official at the Federal Reserve? this official at the Federal Reserve? The Supreme Court just ruled that the The Supreme Court just ruled that the The Supreme Court just ruled that the president can't do this, but here's why president can't do this, but here's why president can't do this, but here's why his attempts to do so were such a big his attempts to do so were such a big his attempts to do so were such a big deal. Lisa Cook is one of seven deal. Lisa Cook is one of seven deal. Lisa Cook is one of seven officials who sit on the Fed's Board of officials who sit on the Fed's Board of officials who sit on the Fed's Board of Governors and vote on short-term Governors and vote on short-term Governors and vote on short-term interest rates. The rates set by the Fed interest rates. The rates set by the Fed interest rates. The rates set by the Fed ripple throughout the entire economy, ripple throughout the entire economy, ripple throughout the entire economy, influencing the rate of interest that influencing the rate of interest that influencing the rate of interest that you pay on things like a mortgage, a you pay on things like a mortgage, a you pay on things like a mortgage, a student loan, credit cards, virtually student loan, credit cards, virtually student loan, credit cards, virtually any type of borrowing. President Trump any type of borrowing. President Trump any type of borrowing. President Trump has made it very clear that he wants the has made it very clear that he wants the has made it very clear that he wants the Fed to lower interest rates. But the Fed Fed to lower interest rates. But the Fed Fed to lower interest rates. But the Fed was designed to operate independently was designed to operate independently was designed to operate independently and make its decisions without any and make its decisions without any and make its decisions without any political interference. political interference. political interference. >> [music] >> [music] >> [music] >> This all started when Bill Polte, the >> This all started when Bill Polte, the >> This all started when Bill Polte, the director of the Federal Housing Finance director of the Federal Housing Finance director of the Federal Housing Finance Agency, alleged that Lisa Cook had Agency, alleged that Lisa Cook had Agency, alleged that Lisa Cook had committed mortgage fraud and referred to committed mortgage fraud and referred to committed mortgage fraud and referred to the case to federal prosecutors. [music] the case to federal prosecutors. [music] the case to federal prosecutors. [music] Trump soon followed up. He called for Trump soon followed up. He called for Trump soon followed up. He called for her resignation and then attempted to her resignation and then attempted to her resignation and then attempted to fire her. fire her. fire her. >> So, I'll fire her if she doesn't resign. >> So, I'll fire her if she doesn't resign. >> So, I'll fire her if she doesn't resign. >> If Cook were no longer on the board, >> If Cook were no longer on the board, >> If Cook were no longer on the board, then Trump would have an opportunity to then Trump would have an opportunity to then Trump would have an opportunity to appoint somebody that aligned with his appoint somebody that aligned with his appoint somebody that aligned with his views about lowering interest rates.

views about lowering interest rates. views about lowering interest rates. Cook immediately responded saying that Cook immediately responded saying that Cook immediately responded saying that the allegations were unfounded and then the allegations were unfounded and then the allegations were unfounded and then she filed a lawsuit against the she filed a lawsuit against the she filed a lawsuit against the president saying that he lacked the president saying that he lacked the president saying that he lacked the necessary cause to fire her. She's necessary cause to fire her. She's necessary cause to fire her. She's submitted hundreds of pages of evidence submitted hundreds of pages of evidence submitted hundreds of pages of evidence to the Department of Justice to show to the Department of Justice to show to the Department of Justice to show that any discrepancy on her mortgage that any discrepancy on her mortgage that any discrepancy on her mortgage applications was an inadvertent mistake. applications was an inadvertent mistake. applications was an inadvertent mistake. No president has ever fired a sitting No president has ever fired a sitting No president has ever fired a sitting Fed governor in the 112-year history of Fed governor in the 112-year history of Fed governor in the 112-year history of the Federal Reserve. This ruling allows the Federal Reserve. This ruling allows the Federal Reserve. This ruling allows Lisa Cook to remain in her role, and Lisa Cook to remain in her role, and Lisa Cook to remain in her role, and legal experts I spoke to say it enables legal experts I spoke to say it enables legal experts I spoke to say it enables the Fed to maintain its independence. the Fed to maintain its independence. the Fed to maintain its independence. But these experts also say that the But these experts also say that the But these experts also say that the fight for Fed independence [music] is fight for Fed independence [music] is fight for Fed independence [music] is far from over.