On the evening of the 25th local time, U.S. President Trump published an open letter on the social media platform 'Truth Social', announcing the firing of Federal Reserve Board member Lisa Cook, effective immediately.
"By the powers vested in me by Article II of the Constitution and the amended Federal Reserve Act of 1913, I hereby remove you from your position on the Federal Reserve Board, effective immediately." Trump wrote in the letter, as the Federal Reserve Act stipulates that the president may remove Cook at his discretion.
Cook was nominated by former U.S. President Biden to serve on the Federal Reserve Board in 2022, with her term lasting until 2038. At last month's Federal Open Market Committee (FOMC) meeting, she voted with the majority to keep interest rates unchanged.
