According to a spokesperson for the Federal Reserve, Congress explicitly mandated that Federal Reserve Board governors serve long, fixed terms and be removed only by the president for "good cause." The long-term tenure and removal protections for Board governors are crucial safeguards for ensuring monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people.

The Federal Reserve will continue to perform its duties in accordance with the law. Governor Cook has stated through her personal attorney that she will immediately challenge the action in court. As in the past, the Federal Reserve will comply with any court ruling.