Donald Trump pressures Federal Reserve and addresses 2028 term limits

President Donald Trump is exerting renewed pressure on the Federal Reserve to lower interest rates and is seeking to remove Fed Governor Lisa Cook. This move has reignited debates regarding the boundaries of presidential authority over the central bank and concerns about the independence of monetary policy from political influence.

Trump has reportedly been in regular contact with Fed Chair Kevin Warsh regarding rate cuts. Additionally, the administration has threatened to dismiss Cook based on allegations of mortgage fraud involving a secondary residence. Cook has denied these allegations, which pertain to actions taken before her appointment to the Board of Governors and have not resulted in criminal charges. While the Federal Reserve Act allows for the removal of governors for cause, such as inefficiency or legal violations, the legal basis for dismissing Cook remains a subject of debate.

Separately, President Trump addressed his future political prospects, noting that while many supporters have expressed interest in him running for a third term in 2028, the 22nd Amendment of the U.S. Constitution strictly limits presidents to two terms. He acknowledged the legal constraints while noting the high level of public demand for his continued leadership.