A Lack of Expertise
In NRO, Charles CW Cooke discusses the validity of Donald Trump’s firing of Federal Reserve board member Lisa Cook. To Mr. Cooke’s thinking, the institution as a whole is unconstitutional.
“I think that conservatives who draw a distinction between executive branch agencies that are supposed to be independent, and the Fed are doing so for specious and often cowardly reasons,” said the senior editor of NRO.
Cooke is of two views, each contradicting the other, and neither argument, by his own admission, will he win.
- I don’t think that President Trump’s view of interest rates and monetary policy in general is correct. . . . I also think that the Federal Reserve works quite well.
- But I don’t think it’s constitutional, at least not as currently constructed.
Mr. Cooke, can you give NRO readers your main reason why you think the Fed is unconstitutional?
Cooke: I believe there are no enumerated powers that provide for the creation of the Federal Reserve.”
Adopting an originalist reading of the Constitution can yield results that will not sit well with many Americans, explains Charles Cooke. On the left, there are claims that originalism is “just convenient” or that “it lines up with all our policy preferences.” Actually, as Cooke notes, originalism doesn’t align “with all our policy preferences.”
Regardless of political leanings, there are valid concerns about Lisa Cook’s lack of monetary policy expertise. Cook’s academic scholarship has focused almost entirely on race; that systemic racism is the root of all economic ills.
Lisa Cooke, nominated by Joe Biden or someone in his administration, seems like the perfect fit at the university faculty lounge, where her views will be embraced. For example, Ms. Cook called for the removal of an editor of the Journal of Political Economy after said editor criticized the defund police movement.
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