US media reveals candidate to replace Fed Governor Cook
US President Trump fired Federal Reserve Governor Lisa Cook on August 25 on grounds of alleged mortgage fraud. According to a report by the US media "The Wall Street Journal" on August 26 (local time), citing informed sources, Trump had told his advisors that he hopes to take swift action and announce a candidate to replace Lisa Cook.
The report stated that potential candidates for this position include White House Council of Economic Advisers Chairman Stephen Milan 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 US president has dismissed a Federal Reserve governor, signaling a "significant escalation" in Trump's battle with the Fed.