August 28, 2025: Lisa Cook Files Lawsuit, O'Neill Named Interim CDC Director, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Fed Governor Lisa Cook is suing President Trump over his attempt to fire her, given claims she lied on mortgage applications. On Thursday, Cook's lawyer said an unintentional clerical error may have been behind this discrepancy. Bloomberg Law host June Grasso says Cook does have standing to challenge the president.
What she says in the complaint is, and this is what we knew was going to happen, that the president needs cause to fire her. That really hasn't been defined in the Federal Reserve statutes, but she says he doesn't have cause. What happened here happened before alleged mortgage fraud, before she was even in office and that it doesn't constitute neglect, malfeasance or dereliction of duty.
You can hear more from June Grosso on the Bloomberg Intelligence podcast. Now, Cook is following through on a vow to fight to finish her term that expires in 2038. Today, she asked a judge to quickly issue an order blocking the effort to remove her while this case moves forward. A hearing is scheduled for 10 a.m. tomorrow. Health and Human Services Secretary Robert F. Kennedy Jr. is calling for an overhaul of the Centers for Disease Control. Speaking today on Fox News, Kennedy said the agency isn't in step with President Trump's policies and it must be reshaped.
The agency is in trouble and we need to fix it and we are fixing it and it may be that some people should not be working there anymore.
HHS Secretary Kennedy speaking there to Fox News. Now, his remarks come one day after CDC Director Susan Monarez was ousted in a clash over vaccines. Three top CDC officials have also resigned in protest. Meantime, The Washington Post is reporting that Deputy Health Secretary Jim O'Neill will serve as acting CDC director. Fed Governor Chris Waller says he will support cutting the policy rate by a quarter point at the Fed's September meeting, and he says more cuts are likely over the next six months. At the same time, Waller said a half-point cut in September isn't necessary. Here is Waller speaking earlier at a conference hosted by the Economic Club of Miami.
While I judge that the FOMC should have begun this process in July based on the data in hand, I don't believe that a cut of larger than 25 basis points is needed in September. Now, that view, of course, could change if the employment report for August, due out a week from tomorrow, points to a substantially weakening economy and inflation remains well-contained.
Fed Governor Chris Waller there. By the way, he is seen as a potential successor to Fed Chair Jay Powell. Hopes for a Zelensky-Putin summit appear to be fading. German Chancellor Friedrich Merz told reporters on Thursday the meeting apparently will not happen. Russia, meanwhile, unleashed drone and missile attacks on Kiev. At least 21 people were killed. in an apartment building, and there was damage to an EU office. Now this assault was the second largest this year, according to Bloomberg calculations based on Ukrainian Air Force data. The White House condemned today's attack. Here is Press Secretary Caroline Leavitt.
What lawsuit is Fed Governor Lisa Cook filing against President Trump?
So the president is continuing to watch this intently and this killing, unfortunately, will continue as long as the war continues, which is why the president wants it to end.
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