U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions, expressed his support for President Trump’s decision to remove Lisa Cook from the Federal Reserve Board of Governors. In a statement, Barr said:
“The Federal Reserve is the top bank regulator in the country. As a consequence, Fed Governors assume a duty to avoid even the appearance of impropriety in their personal financial matters. By removing for cause a Fed Governor who either intentionally committed mortgage fraud or demonstrated gross negligence in applying for a mortgage, President Trump is doing a service to the country. Fed independence doesn’t mean that the Fed is wholly immune from accountability.”
Lisa Cook has faced accusations related to claiming two separate homes as “primary residences,” which may have allowed her to benefit from lower downpayments and interest rates on mortgages.
The Wall Street Journal reported that “The Federal Reserve Act, first adopted in 1913, provides 14-year terms for Fed governors, ‘unless sooner removed for cause by the President.’ The statute doesn’t define cause, but laws establishing other independent agencies typically refer to neglect of duty, inefficiency or malfeasance as grounds for removal.”
Andy Barr has represented Kentucky’s 6th district in Congress since 2013 after succeeding Ben Chandler. He previously served in the Kentucky House of Representatives and holds degrees from the University of Virginia and the University of Kentucky College of Law. Barr was born in Lexington, Kentucky in 1973 and continues to reside there.
