Dollar Drops as Trump Says He's Firing Fed Governor Cook
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The dollar took a dive as Trump announced plans to fire Fed Governor Lisa Cook, sparking a lively debate about the potential fallout. Commenters wondered whether Cook would remain in her role while any legal challenges play out, with one noting that we might soon have multiple people claiming authority to vote at the FOMC. The discussion took a darker turn as some pointed out that the Supreme Court has consistently intervened to limit consequences for Trump's actions, essentially allowing cases to drag on without resolution. Links to news articles about the controversy were shared, fueling speculation about the implications of Trump's move.
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Aug 25, 2025 at 11:02 PM EDT
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We may very well have multiple people claiming legal authority to vote at the FOMC.
They allow the cases to continue but it’s almost a joke as everyone still ends up fired or funding cut so it’s effectively green lighting any executive action.
"Cook, the first Black woman to serve on the Federal Reserve Board, responded by saying she has done nothing wrong and Trump cannot fire her."
And:
Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Banking Committee, said in a statement: “The illegal attempt to fire Lisa Cook is the latest example of a desperate President searching for a scapegoat to cover for his own failure to lower costs for Americans. It’s an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court.”