Federal Reserve Governor Lisa Cook is standing firm against an "illegal" attempt by President Donald Trump to fire her as economists warn his latest attack will only further undermine the independence of an institution designed to be insulated from the personal whims of the executive branch due to the instability even the optics of such efforts could have.
"Trump is desperately looking for a scapegoat to cover for his own failure to lower costs for Americans and firing Lisa Cook is his latest move," said Sen. Elizabeth Warren (D-Mass.) in response. "It's an authoritarian power grab that blatantly violates the Federal Reserve Act, and any court that follows the law will overturn it."
