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Congress, through the Federal Reserve Act, directs that governors serve in long, fixed terms and may be removed by the president only “for cause.”
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Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people.
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The Federal Reserve will continue to carry out its duties as established by law.
- Fed’s Cook has indicated through her personal attorney that she will promptly challenge this action in court
- As always, the Federal Reserve will abide by any court decision
This article was written by Greg Michalowski at investinglive.com.
