Fed Governor Lisa Cook got a lifeline today as Republican Senator Thom Tillis said he would not consider a nominee to replace Cook until the legality of Trump’s move to fire her is sorted out.
Republicans hold a 13-11 majority on the Senate banking committee but without Tillis’ vote, it would be tied and no one could advance.
“I’m not going to consider anybody until that’s been adjudicated,” the North Carolina lawmaker told reporters.
Cook has sued to block her firing but had she been replaced in the meantime, it would have added pressure on her to step down.
In addition, Tillis indicated that he doesn’t want to politicize the Fed.
“I have no interest in moves that would make the Fed really come under direct control of the executive branch,” Tillis said. ” If it’s a move to really kind of create a partisan divide in the Fed, then I’m against it on that basis.”
Stephen Miran’s bid to take Kugler’s seat begins tomorrow but and his written testimony argues for Fed independence, but that’s tough to believe given that he was a Trump economic spokesman.
