Cutting the Gordian Knot! Trump Considers Quickly Nominating New Fed Governor to Replace Cook

According to informed sources, US President Trump told his advisors on Tuesday that he hopes to quickly announce a nominee to replace Cook as Federal Reserve Governor.

One candidate remains Trump's confidant—current White House Chief Economic Advisor Stephen Millan. Although earlier this month, Trump had nominated Millan to fill another seat on the Federal Reserve Board (replacing former Fed Governor Kugler who resigned), the term for that seat will expire in January next year. Cook's term, however, continues until 2038.

Trump has stated, "We may have him (Millan) take another position with a longer term."

According to sources, other potential candidates discussed by Trump include former World Bank President Malpass. This close ally of Trump had even written an article last week criticizing the Fed for not cutting interest rates in time.

It is reported that if Millan is nominated to replace Cook, Malpass may be selected as the nominee for another vacant Fed governor seat.

These behind-the-scenes discussions about Cook's successor indicate that despite significant doubts from economists, legal analysts, and Democrats about the legal validity of Trump's decision to dismiss Cook, Trump is still pushing forward with his plan to reshape the Fed.

On Monday evening local time, Trump announced the initiation of proceedings to dismiss Cook on grounds of alleged submission of false information in mortgage applications. Cook, nominated by former President Biden, responded that evening by stating that Trump has no authority to remove her from office, and she will not resign and will take legal action.

Trump said on Tuesday that he is prepared for a legal battle and will respect any court ruling. "We need people who are 100% clean, and she (Cook) doesn't seem to be," Trump stated.