BlockBeats news, on August 27, a Federal Reserve spokesperson stated that according to the Federal Reserve Act, Congress has explicitly directed that Federal Reserve Board members should have long and fixed terms, and can only be removed by the President for 'just cause.' The long terms of Board members and the removal protection mechanism are crucial safeguards to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people.
The Federal Reserve will continue to fulfill its duties in accordance with the law. Board member Cook has stated through her personal attorney that she will immediately challenge this action in court. As always, the Federal Reserve will comply with any court rulings. (Jin Shi)