Former US Treasury Secretary Yellen: Firing Cook is illegal and dangerous, US credibility is at risk

BlockBeats News, August 28th: In response to the controversy sparked by Trump's firing of Federal Reserve Board Governor Powell, former U.S. Treasury Secretary Yellen wrote: Trump claims to have "dismissed" Powell with "just cause," this move is not only illegal but also extremely dangerous.

This is a direct attempt to politicize the Federal Reserve, it is a threat to its leadership, and it is an attempt to force monetary policy to bend to the will of the president. This action could end the Fed's independence—and what will follow is the collapse of U.S. monetary policy credibility at home and abroad.

Yellen calls on Congress to defend the Fed's independence, the courts must reject this illegal abuse of power, and the financial industry must also speak out against this direct attack on the dollar's credibility. (FXStreet)