🚀Date: August 26, 2025

Cook, appointed in 2022 and serving a term through 2038, was removed after Trump alleged she made false statements on mortgage documents. The dismissal—now facing legal challenges—has sparked debate over the president’s authority to unseat a sitting Fed governor, raising questions about the independence of the institution.

In anticipation of Cook’s exit, the White House is moving swiftly to nominate Stephen Miran, its chief economist and a vocal critic of the Fed’s past policies. Miran has advocated for interest rate cuts and greater alignment of monetary policy with the administration’s economic agenda, a stance that could significantly shift the Fed’s direction if confirmed.

The Senate is expected to review Miran’s nomination in the coming weeks, with the administration aiming for a confirmation before the Federal Reserve’s September meeting. Financial markets are closely watching the development, as a new voice on the Board could influence upcoming decisions on rates, inflation management, and overall economic stability.

Trump’s push for a new Fed appointment marks one of the most direct presidential challenges to the central bank’s independence in decades. The outcome could redefine the balance between political power and monetary policy, setting the stage for both legal and economic battles ahead.