TechFlow, August 27 — A Federal Reserve spokesperson said: "Under the Federal Reserve Act, Congress has clearly directed that Federal Reserve Governors serve long, fixed terms and may only be removed by the President for 'cause.' The long-term tenure and removal protection for Governors is a critical safeguard ensuring 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 carry out its duties in accordance with the law. Governor Cook has indicated through her personal attorney that she will immediately challenge this action in court. As always, the Federal Reserve will abide by any court rulings." (Golden Ten)
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