U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions, appeared on Fox Business with Cheryl Casone to discuss recent developments at the Federal Reserve. Barr was the first House GOP member to publicly support President Trump’s decision to remove former Federal Reserve Governor Lisa Cook.
During the interview, Barr stated: “Fed independence should not be confused with a total lack of accountability by Fed Governors. The reality is that the Federal Reserve is not just the central bank in charge of the conduct of monetary policy and interest rate policy, the Federal Reserve is the top bank regulator of the United States and the duty of a Federal Reserve Governor is to prevent mortgage fraud, not commit it.”
Barr referred to allegations that Lisa Cook applied for mortgages on two separate residences within two weeks, claiming both as her primary residence. He said: “The fact pattern here is very clear. You have a Fed Governor alleged to have applied for a mortgage on two separate residences in a span of two weeks where she’s claiming a primary residence on both. This falls squarely within the definition of owner occupancy fraud under 18 U.S. code 1014. We need a Federal Reserve that is beyond reproach, beyond even the appearance of impropriety in matters of personal finances. And here, the President has cause to dismiss her, to restore accountability and integrity at the Federal Reserve.”
Addressing Cook’s legal defense, Barr commented: “Of course, she did hire Hunter Biden’s lawyer here but he needs to brush up on the law. Because section 10 of the Federal Reserve Act gives the President to dismiss a Fed Governor for cause. It’s happened before in history. And there’s no better example of for cause removal than the malfeasance that’s being alleged here so what’s interesting is we have not heard any substantive defense offered by Governor Cook or her legal team here. All we hear is an indignant citation of Fed independence when there is no apology, there is no recognition that she made a mistake or some claim that she made a mistake. It’s just hiding behind this faux defense of Fed independence. Fed independence does not mean that Fed Governors can commit mortgage fraud with immunity.”
Andy Barr has represented Kentucky’s 6th district in Congress since 2013 after replacing Ben Chandler and previously served in Kentucky’s state legislature (https://barr.house.gov/about). He was born in Lexington in 1973 and holds degrees from both University of Virginia and University of Kentucky College of Law.
