The Fed responded for the first time to Trump firing director Cook: will respect judicial rulings.

[The Federal Reserve Responds for the First Time to Trump's Dismissal of Governor Cook: Will Respect Judicial Rulings] According to CCTV News, on the 26th local time, a spokesperson for the Fed issued a statement regarding President Trump's dismissal of Fed Governor Lisa Cook. The statement said that Congress passed the Federal Reserve Act which stipulates that the term of a governor is fixed for the long term, and the president can only dismiss them "for cause." The long term of governors and protection against dismissal are important safeguards that ensure monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people. The Fed will continue to fulfill its legal responsibilities. The statement noted that Cook has indicated through her attorney that she will seek a judicial ruling. The Fed will continue to comply with any court rulings as always. Shortly thereafter, Trump responded that he would also comply with the court ruling.