US Media Reveals Potential Successor to Fed Governor Cook

US President Trump dismissed Federal Reserve Governor Lisa Cook on August 25 on grounds of alleged mortgage fraud. According to a report by The Wall Street Journal on August 26 citing informed sources, Trump had told his advisors that he hoped to act quickly to announce a successor for Lisa Cook's position.

The report stated that potential candidates for the position include White House Council of Economic Advisers Chair Stephen Millan and former World Bank President David Malpass. On the same day, Trump stated at a cabinet meeting held at the White House that there were already excellent candidates to replace Lisa Cook, but he still needed to discuss with many people involved in the decision.

On August 26, Lisa Cook's lawyer stated that Cook would file a lawsuit to prevent Trump from removing her from office. CNN reported that this marks the first time in over 100 years that a president has dismissed a Federal Reserve governor, signaling a "significant escalation" in Trump's battle with the Fed.