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The Federal Reserve Responds for the First Time to "Trump Fires Powell": Implies Court Appearance
BlockBeats News, August 27th, a Federal Reserve spokesperson stated that, according to the Federal Reserve Act, Congress clearly mandated that Federal Reserve Board members should have long and fixed terms and can only be removed by the President for "good cause." The long-term tenure of Board members and the dismissal protection mechanism are crucial safeguards to ensure that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people.
The Federal Reserve will continue to fulfill its duties lawfully, and Board member Cook has stated through her personal attorney that she will immediately challenge this action in court. As always, the Federal Reserve will abide by any court rulings. (Xinhua News)
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