Federal Reserve Response

During the Trump cabinet meeting, the Federal Reserve issued a statement regarding the incident, stating that Cook had indicated she would ask the court to "confirm her ability to continue fulfilling her duties as a Federal Reserve Governor." The Fed, as always, will comply with any court ruling.

In the statement, the Federal Reserve pointed out, "Cook, through her private attorney, has stated that she will immediately challenge this action in court and seek a judicial ruling to confirm her ability to continue performing her duties as a Senate-confirmed member of the Federal Reserve Board."

At the same time, the statement also sharply noted that Congress, through the Federal Reserve Act, stipulates that Governors serve long fixed terms, and the President can only remove them "for cause."

"The long terms and removal protections for Governors are an important safeguard to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. The Federal Reserve will continue to fulfill the duties assigned to it by law," the Fed added.

When a reporter asked Trump about the statement during the meeting, he said, "I will abide by the court's rules." Trump stated that he was prepared to engage in a legal battle with Cook. Previously, Cook's lawyer had indicated that Cook would file a lawsuit to prevent U.S. President Trump from removing her from office.

At around the same time, White House spokesperson Kush Desai stated in a declaration that President Trump had "acted under the authority granted by law to remove a member of the Federal Reserve Board for cause."