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Trump calls on Federal Reserve Governor Lisa Cook to resign
President Donald Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign, citing an allegation of potential mortgage fraud. "Cook must resign, now!!!" Trump wrote on his social media platform. Earlier Wednesday, Bill Pulte, the director of the Federal Housing Finance Agency, posted on the social media platform X part of an Aug. 15 letter sent to U.S. Attorney General Pam Bondi accusing Cook of falsifying bank documents and property records to acquire more favorable loan terms, "potentially committing mortgage fraud," the letter stated. Trump's post included a link to a Bloomberg report about Pulte's request for an investigation. In a statement provided to ABC, Cook said she learned from the media about Pulte's letter seeking a criminal referral over the mortgage application, which predated her time with the Federal Reserve. "I have no intention of being bullied to step down from my position because of some questions raised in a tweet," Cook said in the statement. "I do intend to take any questions about my financial history seriously as a member of the Federal Reserve and so I am gathering the accurate information to answer any legitimate questions and provide the facts." Trump's call for Cook to step down comes as he has repeatedly denounced Federal Reserve chair Jerome Powell, whom he has dubbed "too late Powell" for not cutting interest rates as well as a "stubborn mule" and "numbskull." Cook was nominated to serve on the board of governors in 2022 by former President Joe Biden. Her term runs until January 2038. Cook is the first Black woman in history to serve on the Federal Reserve Board of Governors. Trump appears to be rallying for another open seat on the board, which would allow him to appoint someone more aligned with his views. The president was able to nominate a Federal Reserve governor almost six months ahead of schedule when Adriana Kugler announced earlier this month she was stepping down. The president picked Stephen Miran to temporarily serve on the Fed board. If Miran is confirmed by the Senate in time, he could be on the board for its September meeting.
Yahoo
2 hours ago
- Yahoo
Oracle will reportedly power a giant data center with gas generators
Bloomberg has published a deep dive into operations at Oracle, chronicling the software giant's rise in cloud computing and current push into powering artificial intelligence projects. The publication reported that Oracle has promised to develop tens of billions of dollars in data centers, which have become a hot business. Notably, Oracle landed a deal to back operations at OpenAI, in a partnership that will give the AI company 4.5 gigawatts of computing power. According to Bloomberg, that's enough energy to power "millions of American homes." So far, Oracle has seemed willing to throw money at its AI data center projects, no matter how expensive or irresponsible the needs might be. For instance, a source said the company plans to spend more than $1 billion a year powering a single data center in Texas with gas generators rather than waiting for a utility connection to be built. When completed, this data center is expected to be one of the largest known sites, with computing power of 1.4 gigawatts. In addition to the huge monetary cost, such a project can also have negative human and environmental impact. The Elon Musk-owned xAI is under fire after a supercomputer for its artificial intelligence operations became a primary source of air pollution in Memphis thanks to methane-powered turbines. Other majors, including Google, Microsoft and Meta, have chosen to try nuclear power for their data center projects, which comes with its own potential complications and risks. Purely on the financial side, Oracle's decision to invest so much so quickly meant the company reported its first negative annual cash flow since 1990. Should the current rates of AI investment turn out to be a bubble, it could be very bad news to have many billions of dollars on the line.
Bloomberg
2 hours ago
- Bloomberg
Tech Sell-off Tied To AI Fatigue, Says Jefferies' Thill
Jefferies Software and Internet Research Tech Sector Leader Brent Thill discusses the tech-led selloff in an interview with Romain Bostick on 'The Close.' (Source: Bloomberg)
