The Federal Reserve Board of Governors member Cook recently issued a statement, firmly denying Trump’s call for resignation and clearly stating that he will not resign. This incident has sparked widespread discussion about the independence of the Fed.

Cook's position is strongly supported by the law. The Federal Reserve Board of Governors enjoys a 14-year term guarantee, and Cook's term will last until 2038. According to relevant laws, governors can only be removed for justifiable reasons such as misconduct, crime, or serious impropriety, and not based on the political will or policy differences of the president. Moreover, the law explicitly limits the president's power to dismiss officials of independent agencies, prohibiting arbitrary replacements based on policy differences.

Trump's allegations seem to have many doubts. First, the mortgage issues involved occurred before Cook took office at the Fed, and his background was already reviewed during the Senate confirmation process. Second, the allegation against Cook of "declaring two properties as primary residences" is also controversial, and Cook may explain it as a special circumstance of working across states. Finally, there has been no precedent in nearly a century for a member of the Federal Reserve Board of Governors to be successfully dismissed by the president, and Trump's actions seem more like a form of public pressure.

The Federal Reserve, as an independent institution, must maintain its independence. Even if there may be policy differences within the Fed, the entire institution may unite in the face of external political interference. Cook's resistance can be seen as the Fed's overall counterattack against executive intervention, while also reflecting the institution's trust in the judicial process.

This event has sparked deep reflection on the independence of the American financial system. As the situation develops, the American financial markets and policy directions may be impacted, which is worth continuous attention.