Chairman of the U.S. Federal Reserve Jerome Powell speaks with Lisa Cook, member of the Board of Governors of the Federal Reserve, at the Federal Reserve Board building in Washington, D.C., on June 25, 2025. (Saul Loeb/AFP/GettyImages)
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.
A LOOK AT THE UNFOLDING BATTLE BETWEEN TRUMP AND POWELL OVER FED POLICY
Cook’s potential removal from the Fed Board leaves a seat open on the panel that guides the nation's monetary policy. This gives Trump another opportunity to name someone closely aligned with his financial policy to the Fed.
When asked about replacing Cook on the Fed Board, Trump told reporters at the White House that he has some "very good people for that position."
Lisa Cook, member of the Board of Governors of the US Federal Reserve, attends a Federal Reserve Board open meeting discussing proposed revisions to the board's supplementary leverage ratio standards at the Federal Reserve Board building in Washington, D.C., on June 25, 2025. (Saul Loeb/AFP/Getty Images)
"President Trump has taken to social media to once again ‘fire by tweet’ and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority," Lowell said in a statement shared with Fox News Digital.
"We will take whatever actions are needed to prevent his attempted illegal action," Lowell added.
Fox News Digital's Rachel Wolf contributed to this report.
Amanda covers the intersection of business and geopolitics for Fox News Digital.
https://www.foxnews.com/politics/trump-says-hes-always-ready-legal-fight-cook-readies-legal-action