The writer is a distinguished fellow in residence at the Brookings Institution, former chair of the Federal Reserve and former secretary of the Treasury
US President Donald Trump’s claim that he has “fired” Federal Reserve governor Lisa Cook “for cause” is not only unlawful. It is profoundly dangerous.
It represents a direct attempt to politicise the Fed, intimidate its leadership and bend monetary policy to the president’s will. This action threatens to end the independence of the Federal Reserve — and with it, the credibility of the US’s monetary policy both at home and abroad.
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