Following is a statement by Norm Eisen, executive chair of Democracy Defenders Action, regarding President Trump’s social media post announcing he was firing Lisa Cook, who was appointed to the Federal Reserve Board of Governors in 2022 by then President Biden.

“The President’s attempt to fire Lisa Cook is an illegal power grab that crosses another red line in his push toward authoritarianism–and it hits Americans right in the pocket book. Overnight, the dollar lost value, raising costs for the American people on top of the damage already done to average folks by tariffs and tax cuts for the rich. This also violates the law because a President can only fire a Federal Reserve governor for “cause,” such as malfeasance on the job. A tweet from a partisan loyalist like Bill Pulte hardly meets that high legal standard. This chaos threatens the Fed's mission of fighting inflation and harms every working family and every American business. The Fed and the business community need to speak against this corruption with one clear voice.”

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Democracy Defenders Action brings together a nonpartisan team to work with national, state and local allies across the country committed to upholding the rule of law, fighting against autocracy and defending the Constitution.