Trump intends to dismiss Lisa Cook, the first Black woman on the Federal Reserve board, if she does not voluntarily resign
The political landscape in the United States has become more complex as President Donald Trump has called for the resignation of Federal Reserve Governor Lisa Cook. Cook, one of three governors appointed by President Joe Biden, has a term that extends beyond President Trump's time in office.
The incident escalated during a visit by Donald Trump to a Washington museum focused on the White House. Trump's criticism of Cook stems from allegations about mortgages she holds in Michigan and Georgia. However, Cook, the first Black woman to serve on the Fed board, has no intention of being bullied to step down.
The Federal Reserve Board of Governors has seven members, with two of the remaining six being appointed by President Trump - Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman. Despite Trump's call for Cook's resignation, there has been no public statement about his comments regarding the fate of Waller or Bowman.
Trump's repeated criticism of Fed Chair Jerome Powell, over his failure to reduce benchmark interest rates and cost overruns on a renovation of the Federal Reserve building, has added fuel to the fire. Powell's term as chair ends in May 2026.
The president's efforts to gain more control over the Federal Reserve are being complicated by the extended terms of the governors appointed by President Joe Biden. This situation is intensifying the central bank's independence, as the US central bank's independence is being challenged by Donald Trump's attempts to exert influence over it.
In response to these developments, Cook remains steadfast, refusing to be swayed by Trump's demands. The future of the Fed's governance and the relationship between the president and the central bank remains uncertain as the situation continues to unfold.
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