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Trump’s Appointees Could Rule the Fed for Decades
<!–> –><!–> [–><!–> –> <!–> –><!–> [–><!–> –> <!–> –><!–> [–><!–>Mr. Trump has made no secret of his desire to reshape the top ranks of the Fed, repeatedly lashing out at Mr. Powell and his colleagues for keeping interest rates too high.–><!–> –><!–> [–><!–>Mr. Trump’s first opportunity to remake the Fed roster came sooner than […] More
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Read Trump’s Directive Firing Lisa Cook From Fed Role
THE WHITE HOUSE
WASHINGTON
August 25, 2025
Dr. Lisa D. Cook
Member
Board of Governors
United States Federal Reserve System
20th Street & Constitution Avenue, N.W. Washington, D.C. 20551Dear Governor Cook:
Pursuant to my authority under Article II of the Constitution of the United States and the Federal Reserve Act of 1913, as amended, you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately.
The Federal Reserve Act provides that you may be removed, at my discretion, for cause. See 12 U.S.C. § 242. I have determined that there is sufficient cause to remove you from your position.
As set forth in the Criminal Referral dated August 15, 2025, from Mr. William J. Pulte, Director of the Federal Housing Finance Agency, to Ms. Pamela Bondi, Attorney General of the United States (“Criminal Referral”) (attached to this letter as Exhibit A), there is sufficient reason to believe you may have made false statements on one or more mortgage agreements. For example, as detailed in the Criminal Referral, you signed one document attesting that a property in Michigan would be your primary residence for the next year. Two weeks later, you signed another document for a property in Georgia stating that it would be your primary residence for the next year. It is inconceivable that you were not aware of your first commitment when making the second. It is impossible that you intended to honor both.
The Federal Reserve has tremendous responsibility for setting interest rates and regulating reserve and member banks. The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve. In light of your deceitful and potentially criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity. At a minimum, the conduct at issue exhibits the sort of gross negligence in financial transactions that calls into question your competence and trustworthiness as a financial regulator. More
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Obama Won Record Numbers of Nonwhite Voters. This Is How the Democrats Lost Them.
<!–> –>It seemed that the multiracialcoalition that elected Barack Obamawould secure a Democratic future for this country for decades.<!–> –>It seemed that themultiracial coalition that elected BarackObama wouldsecure a Democraticfuture for thiscountry for decades.<!–> –>But instead, as America growsmore diverse, it has become moreconservative. Why?<!–> –>But instead, asAmerica growsmore diverse, it hasbecome moreconservative. Why?<!–> [!–> […] More
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Are the Democrats Dead or Alive?
In the immediate aftermath of the 2024 election, polls and focus groups suggested that the Democratic Party had suffered more than an election defeat. It looked as though key blocs of voters had irrevocably turned their backs on Democrats as triumphalist Republicans boasted about becoming the party of the working class.In the six months since President Trump took back the Oval Office, his favorability ratings, including on immigration, have fallen, but his decline has not been accompanied by a revival of support for the Democratic Party. The party continues to suffer severe reputational damage, which may not be reparable until 2028, when the Democratic presidential nominee will have a chance to redefine the party’s image as only a party leader can.Before exploring the dark side for Democrats, let’s first acknowledge three bright spots.One, prospective Democrats who are jockeying for early position and recognition in the party’s presidential nomination contest are moving toward the center. As Adam Wren and Elena Schneider report in “The Great Un-Awokening,” a June 6 piece in Politico, “Searching for a path out of the political wilderness, potential 2028 candidates, especially those hailing from blue states, are attempting to ratchet back a leftward lurch on social issues that some in the party say cost them the November election.”Wren and Schneider cite Gov. Gavin Newsom’s break with progressive orthodoxy when he declared that allowing transgender athletes to participate in female college sports was “unfair.” They also cite Gov. Wes Moore’s veto of “a bill that took steps toward reparations.”Two, there has been a burst of activity, including the formation of groups on the center left seeking a more moderate Democratic agenda, including Searchlight, led by Adam Jentleson, a former aide to Senator John Fetterman of Pennsylvania, and Harry Reid, a former Senate majority leader. In addition, there is growing interest in Welcome PAC, a centrist Democratic group founded in 2021 that has contributed to moderate House Democrats like Jared Golden, Mary Peltola and Marie Gluesenkamp Perez.Three, Democratic voters are far more enthusiastic heading into the 2026 election than Republicans are. A July 10-13 CNN poll found that 74 percent of Democrats described themselves as “extremely motivated” to vote next year, compared with 54 percent of Republicans, as are 75 percent of liberals compared with 52 percent of conservatives.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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There Is Hope for Democrats. Look to Kansas.
Two Opinion writers on the Democratic governors who might just save the party.David Leonhardt, an editorial director for Opinion, talks to the Opinion correspondent Michelle Cottle about her recent reporting trip to Kansas. Cottle argues that Democrats should look to moderate governors like Laura Kelly of Kansas for a playbook.There Is Hope for Democrats. Look to Kansas.Two Opinion writers on the Democratic governors who might just save the party.Below is a transcript of an episode of “The Opinions.” We recommend listening to it in its original form for the full effect. You can do so using the player above or on the NYT Audio app, Apple, Spotify, Amazon Music, YouTube, iHeartRadio or wherever you get your podcasts.The transcript has been lightly edited for length and clarity.David Leonhardt: Democrats are spending a lot of time these days agonizing about what the future of their party should look like. Today we’re going to talk about one potential answer. The party’s current crop of governors: politicians who have a proven ability to win elections, including some really tough elections, and to govern as well.My colleague Michelle Cottle recently traveled to Kansas to talk with one of the country’s most impressive governors. Laura Kelly is a moderate Democrat in her second term. Kansas is so Republican that it hasn’t elected a Democratic senator since 1932. It’s so Republican that there is a famous book, “What’s the Matter With Kansas?” lamenting the failure of Democrats there. Yet Governor Kelly is now in her second term.Michelle and I are going to talk about what lessons she offers for her party. Thanks for being here.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Texas Republicans Look to Jam Democrats With Vote on Redistricting
By taking up new congressional maps pushed by President Trump first, Republicans hope to discourage Democrats from walking out of a special session before they vote on flood relief.Republicans in the Texas Legislature are planning to hold off on voting on measures to address the state’s deadly July 4 flooding until after they approve a partisan redistricting of Texas’ U.S. House boundaries, hoping to thwart Democrats’ efforts to block new House maps, according to two people briefed on the discussions.Republican leaders gaveled in the special legislative session on Monday, called by Gov. Greg Abbott, a Republican with an ambitious list of demands for the session. The biggest by far are flood response, driven by a disaster that killed at least 135 people, and redistricting, driven by President Trump.Public hearings on the floods start on Wednesday in Austin and in hard-hit Kerrville next week. Hearings on redistricting will span the next two weeks in Austin, Houston and the Dallas area.Texas Republicans had been working quietly for several months to take up Mr. Trump’s call for an aggressive redrawing of the state’s congressional maps, aiming to gain five additional Republican seats in the U.S. House and help the party keep control of the chamber after the 2026 midterms.Then the floods hit on July 4 and prompted calls for state leaders to improve warning systems and provide disaster relief.Now those two imperatives — one a natural disaster, the other overtly political — could create an incendiary atmosphere as the legislative session builds steam, with just 30 days to accomplish both.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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James Carville: My Fix for the Confused and Leaderless Democrats
Constipated. Leaderless. Confused. A cracked-out clown car. Divided. These are the words I hear my fellow Democrats using to describe our party as of late. The truth is they’re not wrong: The Democratic Party is in shambles.Zohran Mamdani’s victory in New York City’s Democratic mayoral primary wasn’t an isolated event. It represents an undeniable fissure in our political soul. We are divided along generational lines: Candidates like Mr. Mamdani are impatient for an economic future that folks my age are skeptical can actually be delivered. We are divided along ideological lines: A party that is historically allegiant to the state of Israel is at odds with a growing faction that will not look past the abuses in Palestine. From Medicare for All purists to Affordable Care Act reformists, the list goes on and on.The Democratic Party is steamrolling toward a civilized civil war. It’s necessary to have it. It’s even more necessary to delay it. The only thing that can save us now is an actual savior, because a new party can be delivered only by a person — see Barack Obama in 2008 and Bill Clinton in 1992. No matter how many podcasts or influencer streams our bench of candidates go on, our new leader won’t arrive until the day after the midterms in November 2026, which marks the unofficial-yet-official beginning of the 2028 presidential primary. No new party or candidate has a chance for a breakthrough until that day.Until then, we must run unified in opposition to the Republicans to gain as many House seats as possible in the midterms, because every congressional seat we gain in 2026 means we will be more likely to bring about change in 2028. And there’s good news on that front.There’s plenty of tantalizing political scandal surrounding the president right now. But issues of moral or ethical concern are almost always more powerful when they’re self-inflicted. Let President Trump Rope-A-Dope with MAGA on the Jeffrey Epstein case, and don’t get in the way.Instead, the midterms will, like all elections, be decided largely based on issues that affect Americans’ everyday lives. This time around, we don’t have to run with a shred of nuance when it comes to kitchen table issues: Mr. Trump’s “big, beautiful” domestic policy law is a big, steaming doggy nugget of epic proportion, contemptible to a vast majority of the nation. According to a new CNN poll, over 60 percent of Americans were opposed to Mr. Trump’s bill. For context: When Mr. Trump’s first-term budget dropped in 2017, the split was closer, with 41 percent opposed and 28 percent in favor.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
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Mamdani Won Over N.Y.C. Democratic Voters. Can He Charm Washington?
National Democrats are grappling with how much to embrace Assemblyman Zohran Mamdani, a leftist who has become the party’s standard-bearer in America’s largest city.The head of the local Democratic Party in Queens, where Assemblyman Zohran Mamdani got his political start, has never met him. The party’s longtime state chairman had not spoken to him until the day after a stunning primary night that stamped him as a rising Democratic star.And among the party’s strategists, officials and elected leaders in Washington, he’s almost entirely unknown.Now, as the Democratic nominee for mayor of New York City, Mr. Mamdani, 33, is on a crash course to change that. He is unleashing a full-scale charm offensive of private meetings, phone calls and public promises aimed at wooing top party leaders, donors and activists.On Monday, he met with Jewish elected officials in New York City. The next day, he took pointed questions about his views on Israel and tax policy from a group of 150 business leaders in the city.A day later, he headed to Capitol Hill to offer campaign advice to dozens of Democratic members of Congress at a breakfast hosted by Representative Alexandria Ocasio-Cortez of New York before returning to Manhattan for a private meeting with younger technology executives. And on Friday, he met with Representative Hakeem Jeffries, the House Democratic leader and a fellow New Yorker who has yet to endorse his bid.Already, some establishment Democrats have been grappling with Mr. Mamdani’s sudden standing as their party’s standard-bearer in America’s most populous city. And they want to quickly get the measure of a man who has spent much of his political life far outside of their big tent.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
