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

Jinse Finance reported that in response to the controversy caused by Trump's dismissal of Federal Reserve Governor Cook, former U.S. Treasury Secretary Yellen issued a statement saying: Trump claimed to have "dismissed" Cook "for cause," an action that is not only illegal but also extremely dangerous. This is a direct attempt to politicize the Federal Reserve, an act of intimidation against its leadership, and an effort to force monetary policy to yield to the will of the President. Such a move could end the independence of the Federal Reserve—and what would follow is the collapse of the credibility of U.S. monetary policy both domestically and internationally. Yellen called on Congress to defend the independence of the Federal Reserve, for the courts to reject this illegal abuse of power, and for the financial sector to speak out against this direct attack on the credibility of the U.S. dollar. (Golden Ten Data)