BURLINGTON, VT—U.S. Senator Peter Welch (D-Vt.) released the following reaction to President Trump’s illegal attempt to fire Federal Reserve Governor Lisa Cook: 

“President Trump’s unlawful attempt to fire Fed Governor Lisa Cook is an attack on the independence of our central bank. The Federal Reserve Board is purposely insulated from political pressures; the president’s interference is a blatant and illegal power grab, and the judiciary must push back.  

“Eroding the independence of our central bank strikes at the heart of what makes our economy work. This move will further increase costs for working families, make it harder to buy a house or start a small business, and endanger the retirement savings of millions of Americans. 

“Governor Cook is a qualified and accomplished economist, the first Black woman to serve on the board. She was confirmed with bipartisan support to a 14-year term. The White House’s attempt to discredit and fire her ‘for cause’ is baseless and illegal. She deserves due process and her day in court. 

“As always, President Trump is trying to distract from the facts: his economic policy is failing. Inflation is rising. The markets are swinging. Consumer confidence is down. Eroding the independence of the central bank will only damage the bank’s integrity and credibility, and lead to more economic turmoil.” 

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