Trump’s dismissal of Fed Governor Lisa Cook could give him majority control over Federal Reserve Board that guides the nation’s monetary policy decisions.
While it is still uncertain whether President Donald Trump’s dismissal of Federal Reserve Governor Lisa Cook, who is preparing a legal challenge, will succeed, her potential departure gives him another chance to install a nominee more attuned to his monetary priorities.
The Federal Reserve Board of Governors, commonly known as the Fed board, is composed of seven members, or governors, who are nominated by the president and confirmed by the Senate.
If Trump replaces Cook, he would have named the majority of the Fed’s governors, strengthening his influence over the panel that guides U.S. monetary policy.
Former President Joe Biden appointed Philip Jefferson, Michael Barr and Cook to the Fed board in 2022. Trump’s picks include Michelle Bowman in 2018, Christopher Waller in 2020 and Stephen Miran in 2025.
