The US Treasury Secretary supports Trump's firing power: if the allegations are true, Cook should resign

Bescent, the US Treasury secretary, on Monday defended President Donald Trump's right to fire Lisa Cook, the Federal Reserve governor, over allegations of mortgage fraud. Asked whether the administration's move to fire Cook was intended to create an opportunity for Trump to appoint a majority of the board, Bescent asked rhetorically: "Or does that mean someone has to do their job for the Fed?" Bescent stressed that the Fed's board structure, made up of regional Fed presidents, meant the president could not "manipulate the board lineup". Bescent denied that markets had been disrupted by the Trump administration's actions: "The S & P index is at a record high, bond yields are stable, and we haven't seen any negative impact yet." He said that if the allegations against Cook were true, he should be removed from office or resigned voluntarily, noting that the parties did not deny the allegations. Besant urged the Senate to confirm Milan as soon as possible to replace Adrianne Coogler, who resigned on August 1, in the interim position.