Ex-Fed Chairs Urge Court To Keep Lisa Cook

Former Federal Reserve chairs Alan Greenspan, Ben Bernanke and Janet Yellen, joined by dozens of former Treasury secretaries and White House economic advisers, filed an amicus brief urging the Supreme Court to keep Fed Governor Lisa Cook in her post while her legal challenge to President Trump’s firing proceeds. The brief warns that immediately ousting Cook would expose the Federal Reserve to political influence, erode public confidence, and jeopardize the credibility and effectiveness of U.S. monetary policy. Trump sought to remove Cook on Aug. 25, accusing her of mortgage fraud — an allegation she denies — and a district judge found the firing was likely illegal while an appeals court has kept her in place as the case moves forward. The administration has asked the Supreme Court for prompt removal even after Cook participated in a recent Fed vote to cut a key interest rate. Signatories emphasized the rarity of such an action, the importance of longstanding safeguards separating the Fed from day-to-day politics, and noted Cook is the first Black woman to serve as a Fed governor.