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Trump removed Fed Governor Cook from his position, citing dishonest behavior.
[Block Rhythm] On August 27, U.S. President Trump (referring to The Federal Reserve Board of Governors member Cook) stated, "We are prepared for a legal battle. Cook seems to have engaged in misconduct. We need 100% honest and upright individuals."
Yesterday, President Trump signed a document relieving Cook of his position on The Federal Reserve Board of Governors, effective immediately. Trump stated in the document: "By the powers vested in me by Article II of the United States Constitution and the amended Federal Reserve Act of 1913, I hereby remove Cook from his position on the Board of Governors of the Federal Reserve System. Given Cook's dishonest behavior in financial matters, which may involve criminal conduct, I cannot have confidence in your integrity. At the very least, these actions reveal serious negligence in your financial dealings, raising doubts about your abilities and credibility as a financial regulator."