Senate Minority Leader Chuck Schumer, D-N.Y., turns to an aide during a news conference at the Capitol in Washington, Tuesday, June 3, 2025. (AP Photo/J. Scott Applewhite)
"Donald Trump is playing a dangerous game of Jenga with a key pillar of our economy," he wrote, adding that the attempted firing "shreds the independence of the Fed and puts every American’s savings and mortgage at risk."
The top Senate Democrat called for this "brazen power grab" to be stopped by the courts, saying it could cause "permanent damage to national, state, and local economies."
TRUMP REMOVES FEDERAL RESERVE GOVERNOR LISA COOK FROM OFFICE, CITING FRAUD ALLEGATIONS
Trump accused Cook — who was appointed by former President Joe Biden in 2022 and is the first Black woman to serve on the Fed’s Board of Governors — of mortgage fraud. Cook has denied any wrongdoing.
As it stands, Trump says Cook is fired, effective immediately. But Cook and her lawyer argue that he has no legal authority to remove her. Her term on the Fed Board runs until January 2038.
House Minority Leader Hakeem Jeffries, D-N.Y., speaks during his weekly press conference in Washington, D.C., on May 13, 2025. (Photo by Nathan Posner/Anadolu via Getty Images)
Sen. Elizabeth Warren, D., Mass., said Trump was using Cook as a "scapegoat" in a statement on X.
"[This is] an authoritarian power grab that blatantly violates the Federal Reserve Act," she wrote.
Warren said that Trump's move to fire Cook will be overturned by "any court that follows the law."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Democratic Sen. Ruben Gallego of Arizona warned that Trump’s actions could erode global confidence in the U.S., asking on X, "Why would anyone want to invest in the United States if our financial system is under siege by a political menace? This does not help America."
"Some authoritarian sh--," he added.
Meanwhile, Rep. Jerry Nadler of New York called Trump's "reckless firing" of Cook "clearly unlawful."
"Trump undermining the Fed for political reasons endangers financial stability and every American’s livelihood, and must be challenged in court immediately."
Amanda covers the intersection of business and geopolitics for Fox News Digital.
https://www.foxnews.com/politics/some-authoritarian-s-dems-rip-trumps-unprecedented-firing-feds-cook