""It's an authoritarian power grab that blatantly violates the Federal Reserve Act, and must be overturned in court," said Sen. Elizabeth Warren (D-Mass.), the ranking member of the Senate Banking Committee, in a statement."
""Trump is trying to remove her without a shred of credible evidence that she has done anything wrong," House Minority Leader Hakeem Jeffries (D-N.Y.) said."
""What an outrage and a scandal. This is the big one constitutionally," House Judiciary Committee ranking member Jamie Raskin (D-Md.) told Axios."
"Cook has not responded to the allegations beyond saying last week she had "no intention of being bullied to step down from my position because of some questions raised in a tweet" and was "gathering the accurate information to answer any legitimate questions and provide the facts.""
President Trump posted a letter asserting that Fed Governor Cook was removed effective immediately, citing Article II of the Constitution and the Federal Reserve Act of 1913. The Federal Reserve Act permits a president to fire a governor for cause, but such a removal has never occurred and its legality is unclear. Trump referenced claims from Federal Housing Finance Agency Director William Pulte alleging Cook listed two primary residences on mortgage applications and referred those claims to the Justice Department. Cook said she would not be bullied into stepping down and that she was gathering accurate information to answer legitimate questions. Democratic leaders called the move authoritarian, illegal, and a major constitutional issue, and the action follows Trump's repeated pressure on the Fed to lower interest rates and criticism of Chair Jerome Powell.
Read at Axios
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