U.S. President Donald Trump said he was ready for a legal battle after moving to oust Federal Reserve Governor Lisa Cook over allegations she falsified mortgage documents. Meanwhile, the central bank stated it would respect any court ruling in Cook's legal challenge against her dismissal.
Trump's attempt to remove her is unprecedented in the Fed's 111-year history as a nominally independent U.S. institution, raising alarms over political pressure on monetary policy. Reuters said that if Cook's seat is vacated, Trump would gain the chance to appoint a majority of the Fed's seven-member board, a rare opportunity for a U.S. president.
He has already nominated White House economist Stephen Miran to a temporary seat that expires in January, and suggested Miran could be considered for Cook's role. The Wall Street Journal also reported that David Malpass, former World Bank President and a close Trump ally, has been floated as another candidate.
Source: Trading Economics
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