President Donald Trump said Aug. 25 that he fired Federal Reserve governor Lisa Cook, an unprecedented action that removes her from the nation’s policy-making central bank – and gives Trump the opportunity to have four appointees on the seven-member Fed board.
The president said he was firing Cook, a leading economist, over claims she made false statements on a mortgage agreement. Cook, who has not been charged with a crime, said Trump lacks the authority to fire her. She said she would challenge the move in court.
Learn more: Trump has accused others of mortgage fraud
Trump’s announcement has sparked curiosity in Cook and in the Federal Reserve itself. Here’s how the Fed works and the role Cook plays.
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