In an attempt to exert more control over the US central bank, US President Donald Trump threatened to remove Federal Reserve Governor Lisa Cook on Friday if she did not step down. During a tour of a White House museum in Washington, Trump threatened to fire her if she didn’t step down.
The Fed board’s first Black woman, Cook, stated she had “no intention of being bullied to step down” after Trump demanded her resignation on Wednesday due to accusations regarding mortgages she owns in Georgia and Michigan. COOstated on Wednesday that as a Federal Reserve member, she took inquiries about financial history seriously and was obtaining the correct data to address any valid queries.
Cook is one of three Fed governors whom President Joe Biden appointed, and their terms run beyond Trump’s administration, making it more difficult for the president to appoint a majority of the Board of Governors’ seven members and expand his authority.
Trump appointed Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman, two of the Fed’s six remaining board members.
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