CoinWorld reported that Trump announced his dismissal of Federal Reserve Board member Cook, a move unprecedented that marks a significant escalation in his attack on the Federal Reserve. Trump's actions will push the Federal Reserve system into unknown territory, likely triggering a legal conflict that could ultimately be taken to the Supreme Court. The Federal Reserve Act of 1913 restricts the president's unilateral power to dismiss Federal Reserve board members, stating that the president can only do so 'for cause.' Although the law does not specify what 'for cause' includes, it has historically been understood to mean misconduct or dereliction of duty. If Trump ultimately succeeds in dismissing Cook, he will be able to nominate her successor and reshape the Federal Reserve Board in the coming years.