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Senate GOP braces for chaos as Trump moves to seize control of the Fed

Cassie Mallea
August 29, 2025 2:11PM ET
U.S. President Donald Trump, U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Apple CEO Tim Cook and U.S. Vice President JD Vance stand during the presentation of Apple's announcement of a $100 billion investment in U.S. manufacturing, in the Oval Office at the White House in Washington, D.C., U.S., August 6, 2025. REUTERS/Jonathan Ernst

Senate Republicans are scrambling as Donald Trump escalates his effort to seize control of the Federal Reserve, blindsiding many in his own party by announcing the unprecedented firing of Fed governor Lisa Cook over unproven fraud claims. The move, fueled by Trump loyalists amplifying accusations on social media, comes as he prepares to install loyalists on the board ahead of a key interest rate vote. While Cook challenges the ouster in court, GOP aides admit they’re bracing for chaos when Congress returns. “We just jumped into the unknown,” one senior Republican aide confessed.

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