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Donald Trump has said he will remove Federal Reserve governor Lisa Cook from her position, as the US president sharply escalates his attack on the central bank.
In a letter to Cook posted on social media on Monday night, Trump said he would seek to sack her “immediately”, citing his powers under the US constitution and the Federal Reserve Act.
“The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” Trump wrote. He has in recent days sharpened his criticism of Cook and suggested that she should be fired.
Previous threats by Trump to remove Jay Powell, the Fed chair, from his post before the end of his term next year have been fiercely rejected by the central bank, on the grounds that the White House does not have the powers to do so.
The Fed declined to comment.
This is a developing story
