Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement in response to President Trump, Federal Housing Finance Agency Director Bill Pulte, and the Department of Justice’s Weaponization Working Group Director Edward R. Martin Jr.’s allegations and attacks on Federal Reserve (Fed) Governor Lisa Cook. The Fed is the central bank of the United States, tasked with setting interest rates, managing the money supply, regulating banks, and operating key payment systems.

“In their brazen and disgraceful attempt to undermine the independence of the Federal Reserve and bend it to Donald Trump’s will, the President and his spineless, cowardly minions are resorting to the only tactic they know: using the power of the federal government to bully and attack their political enemies and anyone who stands in their way. Their latest target is Dr. Lisa Cook, a highly qualified, trailblazing economist, and the first Black woman to serve on the Federal Reserve’s Board of Governors since Congress created it in 1913. Let me be very clear, the allegations against Dr. Cook have been cobbled together as a pretext to try to replace her with someone who will be loyal first to Trump instead of the U.S. Constitution or U.S. law. We know what’s happening here. Trump’s economic record is already proving to be a disaster. The economy is floundering, and inflation is rising under his watch. But instead of rethinking his own failed and shortsighted economic approach, he’s using the full force of the government to fire any public servant who dares to tell the truth and make decisions that are in the best interest of Americans and our economy.

We’ve seen it with his repeated attempts to bully the Fed Chair, Jay Powell into lowering interest rates. Now, Trump and his cronies at the Federal Housing Finance Agency and the Department of Justice are turning their sights on another Fed Board member, Dr. Cook. Even the Wall Street Journal Editorial Board is opposed to this effort and rightly describes it as an ‘ugly way for government regulators to behave.’ What’s happening here is nothing more than the weaponization of government power to punish perceived enemies. It’s abuse of power, plain and simple, and as the Editorial Board notes, it dangerously undermines trust in America’s institutions and markets.

No one should be surprised. This is classic Trump, to go after Black women who refuse to bow to him. I’ve experienced it myself, as has Attorney General Letitia James, former Vice President Kamala Harris, and Black women journalists like Joy Reid, April Ryan, and many others who he’s smeared with words like ‘stupid,’ ‘loser,’ and ‘nasty.’ We’re seeing more clearly than ever who Trump has always been. The same racist, race-baiting billionaire who refused to rent to Black tenants, demonized the Central Park Five, peddled ‘birther’ lies about former President Obama, and who continues to vilify Black people who refuse to fall in line.

And let’s be honest: if anyone belongs behind bars, it’s Donald Trump. The twice-impeached crook, who’s been convicted on 34 felony counts, indicted in four criminal cases, and has made a career of corruption and lies. Instead of attacking Black women, he should be working to release the Epstein files and combat pedophilia. This latest attack is a sham and Democrats and the public see it for what it is. I intend to support Dr. Cook in this attack, and fight Trump tooth and nail.”

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