The Federal Reserve responds to the "Trump firing Cook" incident, emphasizing the protection of board members' terms.
ChainCatcher news, according to Golden Ten Data, a Federal Reserve spokesperson stated that under the Federal Reserve Act, Congress has explicitly mandated that Federal Reserve Board members should serve long and fixed terms, and can only be removed by the President for “cause.” The long tenure and removal protection mechanism for Board members is a crucial safeguard to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. Board member Cook has indicated through her personal attorney that she will immediately challenge this action in court, and the Federal Reserve will comply with any court ruling.
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