Trump Engages in Direct Confrontation with the Federal Reserve
In a controversial move, U.S. President Donald Trump announced the dismissal of Federal Reserve Governor Lisa Cook, citing misconduct in her record, which Cook deemed an "illegal decision," asserting that she would continue to perform her duties until the end of her term in 2038, and that the president does not have the authority to remove her.
These developments come after the resignation of Governor Adriana Kugler earlier this month "without explanation," prompting Trump to quickly nominate Stephen Miran as a new member of the Federal Reserve Board.
On another front, Trump continues his attack on Federal Reserve Chair Jerome Powell, having called for his dismissal more than ten times, and hinted that a new chair selection "will come soon."
These steps reflect Trump's direction towards tightening his control over the U.S. central bank, raising widespread debate about the independence of the Federal Reserve in the upcoming period.
