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While it is still uncertain whether President Donald Trump‘s dismissal of Federal Reserve Governor Lisa Cook, who is preparing a legal challenge, will succeed, her potential departure gives him another chance to install a nominee more attuned to his monetary priorities.
The Federal Reserve Board of Governors, commonly known as the Fed board, is composed of seven members, or governors, who are nominated by the president and confirmed by the Senate.
TRUMP SAYS HE’S ‘ALWAYS’ READY FOR LEGAL FIGHT AS OUSTED FED GOVERNOR PLANS LAWSUIT
If Trump replaces Cook, he would have named the majority of the Fed’s governors, strengthening his influence over the panel that guides U.S. monetary policy.
Lisa Cook attends a meeting at the Federal Reserve building in Washington, D.C., on June 25, 2025. (Saul Loeb/AFP/Getty Images)
Former President Joe Biden appointed Philip Jefferson, Michael Barr and Cook to the Fed board in 2022. Trump’s picks include Michelle Bowman in 2018, Christopher Waller in 2020 and Stephen Miran in 2025.
Former President Barack Obama nominated Jerome Powell to the Fed board in 2012, Trump nominated Powell to his current role as Chairman of the Federal Reserve in 2017, and Biden reappointed Powell in 2022.
TRUMP NAMES REPLACEMENT FOR FED SEAT; STILL LOOKING FOR PERMANENT APPOINTEE
When asked about replacing Cook, Trump told reporters at the White House on Tuesday that he has some “very good people for that position.”
“We’ll have a majority very shortly,” Trump said. “So that’ll be great.”
Tensions between Trump and the Federal Reserve over monetary policy have intensified in recent months. Trump has placed the blame squarely on Chairman Jerome Powell for not lowering the federal funds target rate, which he says could save the nation “hundreds of billions of dollars.”
President Donald Trump speaks to Fed Chair Jerome Powell during a tour of the Federal Reserve in Washington, D.C., Thursday, July 24,…
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