Fed Governor Cook Refuses to Step Down After Presidential Removal

Federal Reserve Governor Lisa Cook has stated she will not resign despite President Donald Trump issuing a letter declaring her removed from her position effective immediately. The dispute centers on presidential authority over Federal Reserve Board members, with Trump citing the Federal Reserve Act of 1913 which allows governors to be removed "for cause." Cook, who was appointed by former President Biden in 2022, maintains there is no legitimate cause for her removal.