Trump: A Candidate Has Been Chosen to Replace Federal Reserve Governor Cook
On the 26th local time, U.S. President Trump, when discussing the Federal Reserve, stated that a person with 100% integrity is needed. Regarding Federal Reserve Governor Lisa Cook, Trump said he is prepared for a legal battle and already has a suitable candidate in mind to replace Cook.
Trump also mentioned that he might let the Chairman of the White House Council of Economic Advisers, Milan, take on another long-term position at the Federal Reserve. Previously, Trump nominated Stephen Milan to be a Federal Reserve Governor.
When discussing Federal Reserve Chairman Powell, Trump stated that fortunately, Powell will be leaving soon. Additionally, Trump said that the Federal Reserve will soon gain a majority of seats and that interest rates must be lowered to address housing costs.
On the 25th, U.S. President Trump fired Federal Reserve Governor Lisa Cook on suspicion of mortgage loan fraud. This action, described by the media as "unprecedented," has sparked controversy, with Cook responding that Trump does not have the authority to fire her and that she will continue to serve. Federal Reserve Governor Lisa Cook's lawyer, Abe Lowell, announced on the 26th that they will file a lawsuit against Trump for firing Cook.