Trump says he’ll have a majority at the Fed that will help him push rates lower

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While it is still uncertain whether President Donald Trump 's dismissal of Federal Reserve Governor Lisa Cook, who is preparing a legal challenge, will succeed, her potential departure gives him another chance to install a nominee more attuned to his monetary priorities.

The Federal Reserve Board of Governors, commonly known as the Fed board, is composed of seven members, or governors, who are nominated by the president and confirmed by the Senate.

TRUMP SAYS HE’S ‘ALWAYS’ READY FOR LEGAL FIGHT AS OUSTED FED GOVERNOR PLANS LAWSUIT

If Trump replaces Cook, he would have named the majority of the Fed's governors, strengthening his influence over the panel that guides U.S. monetary policy.

Former President Joe Biden