Bipartisan Former Fed Leaders Urge Supreme Court to Block Trump Removal of Governor Cook

Federal Reserve Governor Lisa Cook is challenging President Trump's unprecedented effort to fire her, arguing before the U.S. Supreme Court that such a move would undermine the Federal Reserve's independence and destabilize financial markets. Cook's lawyers contend that allowing her removal would set a dangerous precedent, making the central bank subservient to political influence and jeopardizing decades of protections designed to shield it from political interference. A bipartisan coalition of former top economic officials, including ex-Fed chairs Alan Greenspan, Ben Bernanke, and Janet Yellen, has filed an amicus brief supporting Cook, emphasizing that no sitting Fed governor has ever been removed by a president and warning that such an action could erode public confidence and threaten economic stability. The legal dispute arises from allegations of mortgage fraud against Cook, which she denies and which courts have found insufficient grounds for removal under the Federal Reserve Act. Lower courts have ruled in Cook's favor, citing due process violations, and the Supreme Court is now considering the emergency request by the Trump administration to lift those rulings. This case highlights the high stakes around the Federal Reserve's political independence amid President Trump's pressure on the central bank to lower interest rates.