Dollar stability questioned as Trump ousts Federal Reserve governor

Trump’s firing of Federal Reserve Governor Lisa Cook has sparked a legal standoff and renewed concerns over the Fed’s independence.

US President Donald Trump announced the dismissal of Federal Reserve Governor Lisa Cook, raising questions about the reliability of the US dollar.

In a Tuesday post, the White House Rapid Response X profile published a letter signed by Trump removing Cook from her role at the Federal Reserve. He accused her of having made false statements on one or more mortgage agreements and, addressing her directly, wrote:

According to a Tuesday Associated Press report, Cook said she would not step down. She said Trump was attempting to remove her from her post “for cause,” but claimed that “no cause exists under the law,” and added that Trump “has no authority” to remove her. She concluded that she “will not resign.”

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