Former Federal Reserve Chair and Treasury Secretary Janet Yellen slammed President Trump on Wednesday for moving to fire Fed board of governors member Lisa Cook, calling his actions “unlawful” and “dangerous.”
“US President Donald Trump’s claim that he has ‘fired’ Federal Reserve governor Lisa Cook ‘for cause’ is not only unlawful. It is profoundly dangerous,” she wrote in an opinion piece in the Financial Times.
On Monday evening, Trump posted a letter to his social media account that said he was removing Cook from her position as a board member related to allegations of mortgage fraud first brought forward by Federal Housing Finance Agency Director William Pulte.
Cook has made it clear she is not stepping down from her position but will challenge the order in court and abide by the court’s ruling.
“Lisa Cook has indicated through her personal attorney that she will promptly challenge this action in court and seek a judicial decision that would confirm her ability to continue to fulfill her responsibilities as a Senate-confirmed member of the Board of Governors of the Federal Reserve System. As always, the Federal Reserve will abide by any court decision,” a Fed spokesperson said in a statement.
Yellen defended Cook in her article, saying she has done her job “with integrity.”
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Author: Dillon B
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