August 20, 2025: Texas House Passes GOP Map Plan, Trump Targets Fed's Cook, More
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News when you want it with Bloomberg News Now, I'm Doug Krizner. We begin in Texas, where the State House of Representatives gave preliminary approval to a new state congressional map backed by President Trump. This caps a weeks-long political standoff, and it now sets the stage for a final vote. State Representative Gene Wu is vowing to keep fighting.
This is far from over. In my heart, I know the American people will win. and we will see a bright day again.
That is Texas State Representative Jean Woo speaking there. Now, Democrats delayed the vote for two weeks by fleeing the state. However, they were brought back under police escort. And now Democrats are planning to battle the new map in court once Republican Governor Greg Abbott signs it into law. This new map may add five GOP seats in next year's midterm elections. President Trump is calling on Fed Governor Lisa Cook to resign over accusations from a Trump ally of mortgage fraud. More from Bloomberg's Denise Pellegrini.
Federal Housing Finance Agency Director Bill Pulte suggests Cook may have committed a criminal offense by falsifying bank documents and property records to acquire more favorable loan terms. In a letter seen by Bloomberg, he alleges Cook signed a mortgage agreement for a property in Michigan, claiming it would be her primary residence for at least a year, and then two weeks later claimed the same thing on a residence in Georgia. Pulte's effort comes as President Trump and Pulte press the Fed to lower interest rates and Fed Chair Jay Powell to resign before his term as chair expires in May. Cook was nominated by President Biden. She became the first black woman to serve on the Board of Governors.
Her term expires in 2038. Denise Pellegrini, Bloomberg Radio.
Later in the day, Cook issued a statement saying she had no intention of being bullied to step down, and she said that she intends to take questions about her financial history seriously and gather accurate information to answer legitimate questions and provide facts. Minutes of the last Fed meeting show committee members saw upside risk to inflation when they met last month, and they viewed that risk as being greater than the concern over a weaker labor market. Here is Bloomberg U.S. economist Stuart Paul.
As we read through the minutes and as we think about the data that we have seen, Everything basically points to an incremental move toward monetary policy getting a little bit less restrictive and a little bit of additional comfort in the balance of risk shifting towards cooling employment. And I think that Powell is going to need to acknowledge that.
That is Bloomberg economist Stuart Paul there. Now, the Fed did leave interest rates unchanged last month in a range of four and a quarter to four and a half percent. And Chair Jay Powell said the central bank must guard against persistent inflation. Now, these minutes arrive ahead of Powell's Jackson Hole speech that will happen on Friday.
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