"Every living former chair of the Federal Reserve has united against President Donald Trump's bid to remove Lisa Cook from her post, warning the Supreme Court that the move would undercut the central bank's independence at a key moment of political and economic strain. In a rare show of unanimity, Alan Greenspan, Ben Bernanke, and Janet Yellen joined five former Treasury secretaries and an array of past White House economic advisers in a brief urging the court to halt the president's firing of Cook,"
"The independence of the Federal Reserve, within the limited authority granted by Congress to achieve the goals Congress itself has set, is a critical feature of our national monetary system, the group wrote. They added that allowing the removal of Governor Lisa D. Cook while the challenge to her removal is pending would threaten that independence and erode public confidence in the Fed. Cook, the first Black woman to serve as a Fed governor, was appointed in 2022."
Every living former Federal Reserve chair united to oppose President Donald Trump's effort to remove Governor Lisa D. Cook, urging the Supreme Court to block the firing. Alan Greenspan, Ben Bernanke, and Janet Yellen joined five former Treasury secretaries and multiple former White House economic advisers in a legal brief arguing that removing a governor would undercut the Fed's institutional independence. The brief emphasized that the Fed's independence, exercised within the authority Congress provides to meet statutory goals, is essential to the national monetary system. The group warned that removal while Cook's challenge is pending would threaten independence and erode public confidence. Cook, appointed in 2022, rejects fraud allegations.
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