US President Donald Trump stepped up his efforts to exert control over the US central bank on Friday by threatening to dismiss Federal Reserve Governor Lisa Cook if she doesn’t step down. Trump threatened to fire her if she didn’t step down, he told reporters while touring a White House museum in Washington.
The first Black woman to serve on the Fed board, Cook, stated she had “no intention of being bullied to step down” in response to Trump’s call for her resignation on Wednesday due to accusations regarding mortgages she was holding in Georgia and Michigan. As a member of the Federal Reserve, Cook stated on Wednesday that she takes inquiries about her financial background seriously and was obtaining the correct data to address any valid queries.
The president’s attempts to increase his authority by selecting a majority of the Fed’s seven-member Board of Governors are complicated by the fact that Cook is one of three Fed governors appointed by Joe Biden whose terms stretch past Trump’s administration. Trump nominated Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller, two of the Fed’s six remaining board members.
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