The Federal Reserve responds for the first time to Trump's dismissal of Governor Cook: Will respect the judicial decision

Jinse Finance reported, citing CCTV News, that on the 26th local time, a spokesperson for the Federal Reserve issued a statement regarding U.S. President Trump's dismissal of Federal Reserve Governor Lisa Cook. The statement said that Congress, through the Federal Reserve Act, stipulates that governors serve long, fixed terms, and the president can only remove them "for cause." The long-term tenure and removal protection for governors are important safeguards to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. The Federal Reserve will continue to fulfill its legal responsibilities. The statement also said that Cook, through her lawyer, has indicated she will seek a judicial ruling. The Federal Reserve will, as always, comply with any court decision. Shortly thereafter, Trump responded that he would also comply with the court's ruling.