Trump's Bid for Control: Facing Off with Fed Governor Lisa Cook

U.S. President Donald Trump threatens to fire Federal Reserve Governor Lisa Cook if she doesn't resign, as he seeks greater control over the central bank. Cook, one of three Biden appointees on the board, vows to remain despite allegations regarding her financial affairs, which she is reviewing.

U.S. President Donald Trump has intensified his efforts to gain influence over the Federal Reserve by asserting that he would dismiss Federal Reserve Governor Lisa Cook if she refuses to resign. The president made this declaration during a visit to a museum in Washington, emphasizing his determination to reshape the central bank.

Governor Cook, known for being the first Black female member of the Fed board, has rejected Trump's demand, stating she won't be coerced into stepping down. Trump's call for her resignation came amid allegations related to her mortgages in Michigan and Georgia. Cook responded by saying she was addressing concerns about her financial history with accurate information.

Cook stands as one of the three Fed governors appointed by President Joe Biden, whose terms go beyond Trump's current presidency, thereby complicating Trump's strategy to appoint a majority on the Board of Governors. To further amplify complications, two of the remaining six board members were appointed by Trump himself. Trump has also been a vocal critic of Fed Chair Jerome Powell, particularly over issues concerning benchmark interest rates and renovation costs.

(With inputs from agencies.)