"Cook Must Not Be Dismissed"... Former Fed Chairs and Treasury Secretaries Outraged at Trump's Unilateral Move

Amicus Brief Submitted to Supreme Court
Bipartisan Voices Unite
"Allowing Cook's Dismissal Would Weaken Fed's Independence and Public Trust"

Former Federal Reserve (Fed) Chairs, former Treasury Secretaries, and former Chairs of the White House Council of Economic Advisers have urged the U.S. Supreme Court to block President Donald Trump's attempt to dismiss Fed Governor Lisa Cook.

According to CNBC and other foreign media on September 25 (local time), these officials argued in an amicus brief submitted to the court that "the independence of the Fed is central to our nation's monetary system, as it is exercised within the limited authority granted by Congress to achieve the objectives set by Congress."

They emphasized, "If dismissal is permitted while litigation over Lisa Cook's removal is ongoing, it would threaten the Fed's independence and undermine public trust."

The amicus brief was signed by former Fed Chairs Alan Greenspan, Ben Bernanke, and Janet Yellen, as well as former Treasury Secretaries Robert Rubin, Lawrence Summers, Hank Paulson, Jack Lew, and Timothy Geithner. In addition, former Chairs of the White House Council of Economic Advisers, including Glenn Hubbard, Gregory Mankiw, Christina Romer, Cecilia Rouse, Jared Bernstein, and Jason Furman, also signed the brief. Other prominent economists, such as Harvard University Professor Kenneth Rogoff and John Cochrane, Senior Fellow at the Hoover Institution, joined as well.

Previously, President Trump dismissed Governor Cook, citing allegations of mortgage fraud. However, both the district and appellate courts ruled that Cook could remain in her position until a final decision was reached. In response, the Trump administration has petitioned the Supreme Court to allow her removal. This amicus brief is drawing attention as leading economic experts from across the political spectrum have voiced bipartisan concerns about the threat to the Fed's independence amid growing worries over the attempt to dismiss Governor Cook, underscoring the importance of safeguarding central bank independence.