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

ChainCatcher message, regarding the controversy triggered by Trump's dismissal of Federal Reserve Governor Cook, former U.S. Treasury Secretary Yellen stated: Trump claims to have "fired" Cook for "just cause," but this action is not only illegal but also extremely dangerous. It is a direct attempt to politicize the Federal Reserve, an intimidation of its leadership, and an effort to force monetary policy to submit to the president's will.

This move could end the independence of the Federal Reserve—resulting in a collapse of the credibility of U.S. monetary policy both domestically and internationally. Yellen calls on Congress to defend the independence of the Federal Reserve, 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.