Former U.S. Treasury Secretary Yellen: Firing Cook is illegal and dangerous, and U.S. credibility may collapse.

On August 28, in response to Trump firing Federal Reserve Board of Governors member Cook, former U.S. Treasury Secretary Yellen stated: Trump claims to have "fired" Cook for "cause," an act that is not only illegal but also extremely dangerous. This is a direct attempt to politicize the Fed, an intimidation of its leadership, and an effort to force monetary policy to submit to the president's will. This action could end the Fed's independence—resulting in a collapse of the credibility of U.S. monetary policy both domestically and internationally. Yellen called on Congress to defend the Fed's independence, the courts must reject this illegal abuse of power, and the financial community must speak out against this direct attack on the credibility of the dollar. (Jin10)