President Trump said that on Monday he expelled Lisa Cook from the Board of Governors of the Federal Reserve – a dramatic step after months of public attacks against the central bank.
The President announced the removal of Cook from the Fed Board in a letter posted to Truth Social, alleging that Cook was accused of making false statements on hostage documents, claiming that he was “gross negligence” and “potential criminals”. Mr. Trump had earlier urged Cook to resign, Leaded to say an economist Due to some questions raised in a tweet, he had “no intention to move away from my situation.”
This step is the initial test of Shri Trump’s power to eliminate members of the Federal Reserve. Under Federal Law, Fed Board Members Serve for 14 years of terms And can only be removed by the President “for reason”.
Mr. Trump wrote in a letter for cooking: “I have determined that you have enough reason to remove from your position.”
This is a developing story; It will be updated.
