US President Donald Trump has renewed his effort to remove Federal Reserve Board Governor Lisa Cook from her position. This was reported by Qazaqyia.kz citing Reuters.
This action follows Trump's attempt to remove Fed Chair Jerome Powell. The White House administration is increasing pressure on the Fed. Cook was appointed to the Fed's Board of Governors in 2022. Her term expires in January 2026.
Trump has previously attempted to remove Cook, but these efforts were unsuccessful. The Trump administration is currently trying to pressure the Fed's independence and influence monetary policy.
The procedure for removing Fed Board members is complex and legally difficult. By law, the president can remove a Fed Board member only for "cause." In this case, Trump's actions are legally contentious.
According to experts, Trump's actions could threaten the Fed's independence. The Fed's independence is important for the stability of the US economy.
According to Reuters, this news could cause concern in US financial markets. Investors are worried about uncertainty regarding the Fed's independence.
Trump's actions may also face criticism in the US Congress. Some lawmakers are calling for the protection of the Fed's independence.
Currently, relations between the White House and the Fed are tense. Trump has previously attempted to remove Powell as well, but these efforts were unsuccessful.
The term of Fed Board members is 14 years, but Cook's term expires in 2026. Trump's actions could further intensify disputes over the Fed's independence.
According to Reuters, this news could cause concern in US financial markets. Investors are worried about uncertainty regarding the Fed's independence.
Trump's actions may also face criticism in the US Congress. Some lawmakers are calling for the protection of the Fed's independence.
Currently, relations between the White House and the Fed are tense. Trump has previously attempted to remove Powell as well, but these efforts were unsuccessful.
The term of Fed Board members is 14 years, but Cook's term expires in 2026. Trump's actions could further intensify disputes over the Fed's independence.