According to Central TV news reports, on August 25 local time, US President Trump posted on his social media "real social" a letter to the Federal Reserve Governor Lisa Cook, announcing his immediate resignation.

The picture shows Federal Reserve Governor Lisa Cook (data map)

This isly the first time a U.S. president has dismissed a Federal Reserve Chairman since its 111th year of establishment, marking the public escalation of the struggle between the White House and the world¡¯s most powerful central bank.

Combated

Trump: ¡°I no longer trust your integrity¡±

Trump gave "reasons" in his letter to Cook. "I have determined that there are good reasons to remove you from your position," Trump wrote.

What he called the ¡°reason¡± was Cook¡¯s recent ¡°hypothesis fraud¡± accusation. Trump said in his letter, ¡°Given your fraud and potential criminal behavior in financial affairs... I have no confidence in your integrity. At least, related behavior shows severe negligence in financial transactions, which makes the outside world question your ability and credibility as a financial regulator.¡±

Trump posted a letter to Federal Reserve Governor Cook on social media announcing his removal

The accusation was initially raised by the Federal Housing Financial Bureau director Purt, who has filed a criminal case with the U.S. Department of Justice. According to relevant documents, the core of the accusation is that Cook had applied for mortgages for two different properties, but listed both properties as his ¡°main residence¡±. Currently, the U.S. Department of Justice has planned to investigate this, but Cook himself has not been brought any criminal charges.

Cook: ¡°I will not resign because of bullying¡±

Lisa Cook is an economist and the first black woman to serve in the Federal Reserve Board.

Last week, Ms Cook issued a statement saying she would not resign over "bullying", saying: "I have no intention of resigning for bullying because of some issues raised in a tweet. As a member of the Federal Reserve, I intend to take any questions about my financial history seriously and am gathering accurate information to answer questions and provide facts."

However, this week, she received a dismissal order. So far, Cook has not responded.

The Associated Press reported that Cook stressed that she would not resign because of Trump's "bullying"

behind the scene

Is the accusation just an excuse?

The analysis claims that Trump's real goal is Federal Reserve independence

Many analysts in the industry have argued that the allegations of ¡°hypothesis fraud¡± against Lisa Cook¡¯s individual are just an excuse for Trump¡¯s real goal being the Federal Reserve¡¯s independence.

Mr. Trump has long publicly accused Federal Reserve Chairperson Jerome Powell and his colleagues of being "too slow" in cutting interest rates, which he believes is a drag on the performance of the US economy and stock market. Yet the Fed is designed to make decisions based on pure economic data, independent of politics, in order to achieve its dual mandate of "stabilising prices" and "supporting jobs".

Alan Blinder, former vice chairman of the Federal Reserve, pointed out: "Sadly, the big picture is simple: the Fed was designed to be independent of politics, and for good reason. He (Trump) is trying to end this and make it a branch of the Trump administration, and if that does happen, it will be very bad for monetary policy."

Former US Treasury Secretaryby SummersHe also expressed doubts about Trump's motives, calling it a "problematic politicization operation" that should alarm anyone concerned about the independence of the American system.

¡°I suspect that many, including Washington, have done this allegation ¡ª even on the surface ¡ª,¡± said Summers, ¡°and I have to say that the prosecution against political opponents, whether it¡¯s the FBI¡¯s search of John Bolton¡¯s home, or the current attacks on Lisa Cook, I think, should be a scare for many Americans.¡±

Does the president have the authority to do so?

Or initiate a lawsuit, the trial may go to the Supreme Court.

So, does Trump really have the right to fire Fed governors? This is a blur zone in the American legal community.

Under relevant laws, the U.S. president can only ¡°for a reason¡± dismiss the Federal Reserve, but what is considered sufficient ¡°for a reason¡± (a reason) is not clearly defined by the law. There are analyses that although the U.S. Supreme Court has repeatedly supported Trump¡¯s dismissal of officials from other administrative departments, the major judges have said that they view the Federal Reserve as a ¡°structurally unique semi-private entity¡± as an exception.

Therefore, Trump's decision could trigger a furious legal battle that could reach the Supreme Court.

Elizabeth Warren, the ranking Democrat on the Senate banking committee, issued a statement condemning Mr. Trump's actions as "an authoritarian power grab in blatant violation of the Federal Reserve Act that must be overturned in court", adding: "This is a desperate president looking for a scapegoat for his failure to lower the cost of living for Americans."

After Trump announced the news, the US dollar index, which measured the weakness of the dollar, dropped immediately by 0.3%.

So far, the Federal Reserve has not commented on the matter.

Red Star Reporters Press Release