White House National Economic Council Director Kevin Hassett expressed hope that Federal Reserve Governor Lisa Cook's denial of mortgage fraud allegations is accurate, while definitively eliminating any possibility of him succeeding Cook on the central bank's board.
During an interview on Monday, Hassett characterized the matter as "a law enforcement issue" and declined to offer commentary on the specific allegations leveled against Cook. "I am an economist. There is nothing additional I can contribute on this subject," he stated.
President Donald Trump raised the possibility of dismissing Cook again last week. In a correspondence directed at Cook, the President indicated he was "considering removing her from office" and demanded a response to the White House's allegations by August 26.
Cook's attorney, Abbe Lowell, issued a statement affirming their continued efforts to oppose any moves to remove her from the position. Hassett noted, "She maintains she is one hundred percent innocent. As a human being, I sincerely hope that is the truth."
When questioned about whether he might take Cook's seat if she were eventually removed, Hassett responded firmly: "No. I can assure you, that will not occur."
Hassett further commented that if he were sitting on the Fed's rate-setting committee, "I would advocate for maintaining current rates or cutting them, given the exceptionally strong momentum on the supply side of the economy." He pointed to the most recent inflation data as evidence that pricing pressures are beginning to diminish.
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