Washington, D.C. — On Tuesday evening, President Donald Trump illegally fired Todd Harper and Tanya Otsuka, the Democratic Board Members of the National Credit Union Administration (NCUA), which regulates and insures deposits at federal credit unions. Harper was nominated to the position by Trump in 2019. These partisan firings at an independent financial watchdog follow similarly illegal firings last month at the Federal Trade Commission. Treasury Secretary Scott Bessent also recently said that he and President Trump think about replacing Federal Reserve Chair Jerome Powell “all the time.” Demand Progress Education Fund has strongly opposed Trump’s illegal firings at independent agencies.
The following is a statement from Emily Peterson-Cassin, corporate power director at Demand Progress Education Fund:
“Trump is knocking down independent financial watchdogs like dominoes and the last one in the line is the Federal Reserve. By illegally firing Democratic members of the NCUA and the FTC, Trump is signaling that he is willing and eager to illegally take over independent agencies. By openly defying court orders on illegal deportations and government firings, he is demonstrating that he does not care about the rule of law. All this points to the terrifying prospect of a Federal Reserve run by Trump lackeys that recklessly plays our economy to whatever tune he wants.
The NCUA now also joins the FTC and the CFPB in an ignominious club of financial watchdogs illegally hobbled by the Trump administration. It is crystal clear that Trump’s goal is to claim unchecked executive power in order to take down anything and anyone that could stop his corporate oligarch golf buddies from trampling all over Main Street and the American people.”