Senate and House Democrats have swiftly condemned President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook, labeling it an illegal and authoritarian overreach that threatens the independence of the U.S. central bank. The move has sparked intense backlash from top Democratic leaders, who warn that it could endanger the financial stability of the nation and put American savings and mortgages at risk.
Senate Minority Leader Chuck Schumer, D-N.Y., took to X to condemn the firing, calling it ‘the latest in Donald Trump’s DC partisan games to rig the economy for his billionaire donors at the expense of hardworking Americans.’ He argued that the attempt to remove Cook ‘shreds the independence of the Fed and puts every American’s savings and mortgage at risk.’ Schumer called for the ‘brazen power grab’ to be stopped by the courts, warning that it could cause ‘permanent damage to national, state, and local economies.’
House Minority Leader Hakeem Jeffries, D-N.Y., echoed these sentiments, stating that Trump was trying to remove Cook ‘without a shred of credible evidence that she has done anything wrong.’ Jeffries criticized the move as a political maneuver aimed at undermining the Fed’s independence. ‘To the extent anyone is unfit to serve in a position of responsibility because of deceitful and potentially criminal conduct, it is the current occupant of the White House,’ he said, dismissing Trump’s claims as ‘phony projection and slander.’
Sen. Elizabeth Warren, D., Mass., called Trump’s action an ‘authoritarian power grab’ that violates the Federal Reserve Act. She predicted that Trump’s attempt to fire Cook will be overturned by ‘any court that follows the law.’
Democratic Sen. Ruben Gallego of Arizona warned that Trump’s actions could erode global confidence in the U.S. financial system, 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.’ He added, ‘Some authoritarian s—,’ reflecting the frustration within the Democratic Party over the president’s actions.
Meanwhile, Rep. Jerry Nadler of New York called Trump’s ‘reckless firing’ of Cook ‘clearly unlawful,’ arguing that the move endangers financial stability and every American’s livelihood. ‘Trump undermining the Fed for political reasons endangers financial stability and every American’s livelihood, and must be challenged in court immediately,’ he stated.
Trump cited fraud allegations against Cook, claiming she is fired effective immediately. However, Cook and her legal team argue that the president has no legal authority to remove her from her position, which she has held since her 2022 appointment by former President Joe Biden. Cook is the first Black woman to serve on the Fed’s Board of Governors, and her term is set to continue until January 2038.