The Federal Reserve responds to the "Trump firing Cook" incident, emphasizing the protection of board member terms

ChainCatcher news, according to Jinshi reports, a Federal Reserve spokesperson stated that under the Federal Reserve Act, Congress explicitly directs that Federal Reserve Board members should have long and fixed terms, and can only be removed by the President for "just cause." The long terms and removal protection mechanism for board members are crucial safeguards to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. Board member Cook has indicated through her personal attorney that she will immediately challenge this action in court, and the Federal Reserve will comply with any court ruling.