Trump Orders Removal of Federal Reserve Governor Lisa Cook

President Trump demands the resignation of Governor Cook

President Trump has asked the resignation of Federal Reserve Governor Lisa Cook, the only Democrat on the Fed's board of governors. Cook's term hasn't expired, which has raised concerns about the political independence of the Fed. Trump is alleged to have pressured the prior Treasury Secretary, Steven Mnuchin, to sack Fed Chairman Jay Powell, though Mnuchin refused to oblige. The President has frequently criticised the Fed's tight monetary policies and their balance sheet reductions, which have contributed to rising interest rates and a stronger dollar. This unusual action raises concerns about the future of the Fed's independence and its ability to govern effectively. Cook's departure would mark a significant shift in the Fed's political composition and policy-setting agenda. Stay tuned to our live coverage for any further developments.