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ChainCatcher news, according to Golden Ten Data, a Federal Reserve spokesperson stated that under the Federal Reserve Act, Congress has explicitly mandated that Federal Reserve Board members should serve long and fixed terms, and can only be removed by the President for “cause.” The long tenure and removal protection mechanism for Board members is a crucial safeguard to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. Board member Cook has indicated through her personal attorney that she will immediately challenge this action in court, and the Federal Reserve will comply with any court ruling.

ChainCatcher news, according to Jinse Finance, U.S. President Trump (referring to Federal Reserve Governor Cook) stated, "We are ready for a legal battle. Cook appears to have engaged in misconduct. We need people who are 100% honest and upright." ChainCatcher news, according to reports yesterday, U.S. President Trump signed a document removing Federal Reserve Governor Cook from office, effective immediately. In the document, Trump stated: "Pursuant to Article II of the U.S. Constitution and the authority granted to me by the amended 1913 Federal Reserve Act, I hereby immediately remove Cook from the Board of Governors of the Federal Reserve System. Given Cook's dishonest conduct in financial matters, and possible involvement in criminal offenses, I cannot have confidence in your integrity. At the very least, these actions reveal serious negligence in your financial dealings, raising doubts about your ability and credibility as a financial regulator."