Ms. Cook's departure would give Mr. Trump the opportunity to tip the balance of the Federal Reserve toward Republican appointees.

The move comes as the administration continues to wage war against the Central Bank and its chair Jerome Powell.

Coming in second is not the objective, and it’s not acceptable,” private equity mogul Bill Chisholm said Tuesday after taking control of the team.

Experts long have warned that interfering with the Fed and its independence could bring about catastrophic economic and ...