WASHINGTON, CMC – The Caribbean-American Congressional Black Caucus (CBC) is vigorously defending the Governor of the Federal Reserve, Dr. Lisa Cook, after United States President Donald J. Trump said on Monday that he had fired her.
Cook, who was appointed by President Joe Biden in 2022, became the first Black woman to serve on the Federal Reserve Board of Governors. Although she has not been charged with any criminal wrongdoing, President Trump cited allegations of mortgage fraud as justification for dismissing her.
But the CDC chair, Yvette Clarke, the daughter of Jamaican immigrants, who represents the 9th Congressional District in Brooklyn, told the Caribbean Media Corporation (CMC) that. Cook is a “highly respected economist who has dedicated her career to dismantling barriers to innovation and economic participation”.
The CBC said that since joining the Federal Reserve Board, Dr. Cook has brought invaluable expertise and maintained an independent, principled judgment.
“In the 111-year history of the Federal Reserve, no president has ever attempted to remove a governor of the central bank until now. President Trump is attempting to oust Dr. Lisa Cook — the first Black woman to serve on the Federal Reserve Board — with no credible evidence of wrongdoing.”
The CBC said that this is a blatant effort to distract from his failure to lower costs for Americans and a transparent attempt to install a loyalist at the central bank who will carry out his agenda without question.
“Let’s be clear: this is a racist, misogynistic, and unlawful attack on the integrity and independence of the Federal Reserve. It is a dangerous attempt to politicise and exert control over the central bank — one that will only continue to damage the economy, harm hardworking Americans, and undermine our credibility on the world stage.”
The CBC stated that Trump does not have the authority to remove Cook, noting that she has made it clear that she does not intend to step down from the Board.
“The Congressional Black Caucus applauds Dr. Cook for her fortitude and looks forward to her continued service throughout the remainder of her term.”
On Monday, House Democratic Leader Hakeem Jeffries said that “Donald Trump is trying to remove her without a shred of credible evidence that she has done anything wrong.
“To the extent anyone is unfit to serve in a position of responsibility because of deceitful and potentially criminal conduct, it is the current occupant of the White House. The American people are not buying your phony projection and slander of a distinguished public servant,” Jeffries said.
Before joining the Federal Reserve, Cook was a professor of economics and international relations at Michigan State University for about two decades. She also served as a senior economist at the Council of Economic Advisers under former President Barack Obama.
She said on Monday that “no cause exists under the law” for Trump to fire her.
“I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022,” she said in a statement.
Her lawyer, Abbe Lowell, said, “We will take whatever actions are needed to prevent her dismissal.
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