US Treasury Secretary Supports Trump's Right to Dismiss: If Allegations Are True, Cook Should Resign

Jinse Finance reported that U.S. Treasury Secretary Bessent on Monday defended President Trump's authority to dismiss Federal Reserve Governor Lisa Cook on charges of mortgage fraud. When asked whether the government's move to dismiss Cook was intended to give Trump the opportunity to appoint a majority of the Board, Bessent countered, "Or does this mean that someone has to fulfill their duties for the Federal Reserve?" Bessent emphasized that the structure of the Federal Reserve Board, composed of regional Fed presidents, means the President cannot "manipulate the composition of the Board." Bessent denied that the market was disrupted by the Trump administration's actions: "The S&P index has hit new highs, bond yields are stable, and we have not seen any negative impact." He stated that if the allegations against Cook are true, she should be dismissed or voluntarily resign, and pointed out that the person involved has not denied the relevant accusations. Bessent urged the Senate to promptly confirm Milan to the interim position vacated by Adriana Kugler's resignation on August 1.