Trump fires Fed Governor Cook, Democrat leaders call it illegal power grab
Democratic Leaders Condemn Trump’s Attempt to Fire Federal Reserve Governor Lisa Cook
Top Democratic leaders wasted no time in denouncing President Donald Trump’s move to fire Federal Reserve Governor Lisa Cook, labeling it as an authoritarian overreach that poses a threat to the independence of the U.S. central bank.
“Any effort to dismiss Lisa Cook from her position as Governor at the Federal Reserve is just another example of Donald Trump’s partisan games in Washington to benefit his wealthy donors at the expense of hardworking Americans,” stated Sen. Minority Leader Chuck Schumer, D-N.Y.
Senate Minority Leader Chuck Schumer, D-N.Y., turns to an aide during a news conference at the Capitol in Washington, Tuesday, June 3, 2025. (AP Photo / j. Scott AppleWhite)
Schumer went on to describe Trump’s actions as a dangerous game that threatens a vital pillar of the economy, stressing that the attempted firing undermines the Fed’s independence and puts the savings and mortgages of every American at risk.
Senate Minority Leader called for immediate legal intervention to stop this “brazen power grab,” warning of potentially lasting damage to the national, state, and local economies.
Trump’s decision to remove Cook, the first Black woman appointed to the Fed’s Board of Governors by former President Joe Biden in 2022, was based on allegations of mortgage fraud. Cook vehemently denied any wrongdoing.
Federal Reserve Chairman Jerome Powell swearing in Lisa D. Cook as a member of the Board of Governors of the Federal Reserve System in May 2022. (U.S. Federal Reserve photo)
House Minority Leader Hakeem Jeffries, D-N.Y., criticized Trump’s actions, stating that there was no credible evidence to support Cook’s removal.
“To suggest that anyone is unfit for a position due to deceptive and potentially criminal behavior points directly at the current occupant of the White House,” Jeffries remarked.
House Minority Leader Hakeem Jeffries, D-N.Y., speaks during his weekly press conference in Washington, D.C., on May 13, 2025. (Photo by Nathan Posner/Anadolu via Getty Images)
Senator Elizabeth Warren, D., Mass., accused Trump of using Cook as a “scapegoat” in what she deemed an authoritarian power move that violates the Federal Reserve Act.
Warren expressed confidence that Trump’s decision would be overturned by any court upholding the law.
Democratic Senator Ruben Gallego of Arizona cautioned that Trump’s actions could undermine global trust in the U.S., questioning the appeal for investments in a country where the financial system is under threat by political interference.
“Some authoritarian sh–,” he added.
Meanwhile, Representative Jerry Nadler of New York denounced Trump’s “reckless firing” of Cook as “clearly unlawful.”
“Undermining the Fed for political gains jeopardizes financial stability and the livelihood of all Americans, and must be legally challenged without delay,” Nadler asserted.
