Alfredo Gimenez
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Trump's dictatorship or an independent Central Bank is no longer defended by the Right?
Supposedly dismissed by Trump, the director of the FED resists in the position and warns: "I will not resign. I will continue to fulfill my duties to help the American economy, as I have been doing since 2022."
Lisa Cook, the director of the Federal Reserve (Fed, the American central bank) who was dismissed this Monday (25) by President Donald Trump, stated that he does not have the power to remove her from the position and assured that she does not intend to resign. The decision is unprecedented and challenges the independence of the U.S. monetary authority.
The director of the American Central Bank dismissed by Trump, Lisa Cook was the first black woman to be part of the Fed's leadership.
However, the measure is being legally contested since, according to the very legal structure of the Fed, the president of the U.S. does not have direct authority to dismiss board members without proof of serious misconduct.
"President Trump claimed to have dismissed me 'for just cause' when there is no just cause provided by law, and he does not have the authority to do so," says the statement.
According to Cook's lawyer, all necessary measures to prevent the dismissal of the Fed leader, which he called illegal, will be taken.
Trump used this loophole in an old law — considered legally fragile and with the potential to threaten the independence of the central bank — claiming that allegations of mortgage fraud compromised Cook's ability to act as a financial regulator.
Supposedly dismissed by Trump, the director of the FED resists in the position and warns: "I will not resign. I will continue to fulfill my duties to help the American economy, as I have been doing since 2022."
Lisa Cook, the director of the Federal Reserve (Fed, the American central bank) who was dismissed this Monday (25) by President Donald Trump, stated that he does not have the power to remove her from the position and assured that she does not intend to resign. The decision is unprecedented and challenges the independence of the U.S. monetary authority.
The director of the American Central Bank dismissed by Trump, Lisa Cook was the first black woman to be part of the Fed's leadership.
However, the measure is being legally contested since, according to the very legal structure of the Fed, the president of the U.S. does not have direct authority to dismiss board members without proof of serious misconduct.
"President Trump claimed to have dismissed me 'for just cause' when there is no just cause provided by law, and he does not have the authority to do so," says the statement.
According to Cook's lawyer, all necessary measures to prevent the dismissal of the Fed leader, which he called illegal, will be taken.
Trump used this loophole in an old law — considered legally fragile and with the potential to threaten the independence of the central bank — claiming that allegations of mortgage fraud compromised Cook's ability to act as a financial regulator.
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