Trump Reasserts Intention to Remove Federal Reserve Governor Cook

Why it matters locally: Potential changes in leadership at the Federal Reserve could influence national monetary policy, which in turn affects interest rates and economic conditions for businesses and consumers in New York.

Donald Trump, former President of the United States, has again stated his intent to remove Federal Reserve Governor Lisa Cook from her post. He cited allegations of mortgage fraud as his reason for this action. Trump previously attempted to remove Cook from the central bank's governing board. The Supreme Court blocked that earlier effort. Governor Cook currently serves on the Federal Reserve Board of Governors. Presidents appoint members to this board, and they serve fixed terms.