Congress, through the Federal Reserve Act, directs that governors serve in long, fixed terms and may be removed by the president only “for cause.”Long tenures and removal protections for governors serve as a vital 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 as established by law.Fed's Cook has indicated through her personal attorney that she will promptly challenge this action in courtAs always, the Federal Reserve will abide by any court decisionThe White House responded: The president exercises lawful authority to remove a Fed Gov. for causeSays that he would abide by the court's decision This article was written by Greg Michalowski at investinglive.com.