Former Federal Reserve chairs Alan Greenspan, Ben Bernanke and Janet Yellen, along with other top economic officials appointed by presidents of both parties, urged the Supreme Court on Thursday to protect the central bank’s independence and allow Fed Governor Lisa Cook to remain in her post while her lawsuit moves forward.
The filing came as justices consider an emergency appeal from the Trump administration seeking Cook’s removal, even as she challenges President Donald Trump’s attempt to fire her.
The former officials warned that immediately ousting Cook “would expose the Federal Reserve to political influences, thereby eroding public confidence in the Fed’s independence and jeopardizing the credibility and efficacy of U.S. monetary policy.”
Trump’s push to remove Cook marks an unprecedented effort to reshape the Fed, which was structured to be insulated from partisan politics. In its 112-year history, no president has ever fired a sitting Fed governor.
This article includes reporting by the Associated Press.
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