"Earlier in September, a judge determined that Trump's move to fire Cook probably was illegal. An appeals court rejected an emergency plea to oust Cook before the Fed's meeting last week when Cook joined in a vote to cut a key interest rate by one-quarter of a percentage point. A day after that meeting, the administration turned to the Supreme Court and again asked for her prompt removal."
"Greenspan, Bernanke, and Yellen served as successive chairs of the Fed's seven-member board of governors, spanning six presidential administrations back to 1987. Greenspan and Bernanke were initially appointed by Republican Presidents Ronald Reagan and George W. Bush, respectively. President Barack Obama, a Democrat, nominated Yellen to the Fed and she was Democratic President Joe Biden's treasury secretary. The list of signatories includes other treasury secretaries, heads of the Council of Economic Advisers and former Sen. Phil Gramm, R-Texas, a former chairman of the Senate Banking"
Former top economic officials urged the Supreme Court to preserve the Federal Reserve's political independence and to allow Lisa Cook to remain a Fed governor while her lawsuit challenging her firing proceeds. The administration filed an emergency appeal seeking Cook's removal as courts consider whether Republican President Donald Trump's firing was lawful. No president has fired a sitting Fed governor in the Fed's 112-year history. A judge earlier concluded Trump's firing likely was illegal; an appeals court denied an emergency request to remove Cook before she voted to cut a key interest rate. Signatories warned that immediate ouster would expose the Fed to political influence and harm monetary policy credibility.
Read at Fast Company
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