CONGRESSMAN AL GREEN CONDEMNS PRESIDENT TRUMP'S FIRING WITHOUT JUST CAUSE OF FEDERAL RESERVE GOVERNOR DR. LISA COOK, THE FIRST BLACK WOMAN APPOINTED TO THE FEDERAL RESERVE BOARD OF GOVERNORS

The following information was released by the office of Texas Rep. Al Green:

On Friday, August 29, 2025, Congressman Al Green,the top Democrat on the U.S. House Financial Services Committee's Subcommittee on Oversight and Investigations, which oversees the Federal Reserve System (Fed),will hold a press conference. Congressman Al Green will condemn President Trump's unjustified and unprecedented firing of Dr. Lisa Cook, the first Black woman appointed to the Fed's Board of Governors, as well as his unbridled efforts to undermine the independence of the Fed.

The Federal Reserve is the central bank of the United States. Its dual mandate is to promote maximum employment and ensure stable prices. In pursuing this dual mandate, the Fed was designed to function independent of political pressure from either the President or Congress.

Dr. Cook was appointed to the Fed's Board of Governors by President Biden in 2022 and reappointed in 2023 for a term ending in 2038. The length of Fed governor's tenure is meant to ensure that the board is insulated from imprudent political pressure emanating from an impetuous president. President Trump dismissed Dr. Cook based on unproven allegations of mortgage fraud. Unproven allegations do not constitute cause to terminate under the law. Dr. Cook has indicated that she will fight her removal in the court of law. The Fed released a statement that it would obey any court decision concerning Dr. Cook's "ability to continue to fulfill her responsibilities as a Senate-confirmed member [of the Fed]."

Since retaking office, President Trump has been steadily undermining the Fed's independence. He has threatened to dismiss Fed Chair Jerome Powell and repeatedly issued statements on how he believes the Fed should conduct economic policy. This pattern of increasing interference in the Fed's operations, in tandem with Dr. Cook's termination, could undermine confidence in the Fed's decisions, potentially leading to catastrophic consequences for our economy. Turkish President Recep Tayyip Erdogan's efforts undermining the independence of the Turkish central bank contributed to runaway inflation in the country, which it continues to struggle with. President Trump's firing without just cause of Dr. Cook is eroding confidence in the Fed as an independent central bank.