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Federal Reserve Governor Lisa Cook doubled down on the legitimacy of her role on the nation’s central bank Wednesday, stressing what she said was the importance of keeping the bank insulated against political pressures — in direct response to President Donald Trump and his months-long effort to fire her.
“Research and experience show that Federal Reserve independence is essential to fulfilling the congressional mandate of price stability and maximum employment,” Cook said Wednesday following nearly two hours of Supreme Court oral arguments, centered on Trump’s attempt to fire her — and more narrowly, whether Cook can remain in her post pending review of her case on its merits.
“That is why Congress chose to insulate the Federal Reserve from political threats, while holding it accountable for delivering on that mandate,” Cook said in a statement.
“For as long as I serve at the Federal Reserve, I will uphold the principle of political independence in service to the American people,” she added.
SCOTUS SIGNALS SKEPTICISM IN ALLOWING TRUMP’S FED FIRING TO PROCEED
Federal Reserve Governor Lisa Cook and attorney Abbe Lowell leave the U.S. Supreme Court Wednesday in Washington, D.C. (Getty Images)
Cook’s statement, released shortly after arguments concluded, capped a day in which justices weighed the unprecedented question of whether a president can fire a sitting Federal Reserve governor “for cause” and what process, if any, must accompany such a move.
The case is the first attempt by a president to fire a sitting Fed governor in the 112-year history of the nation’s central bank.
Justices on the high court did not seem inclined to side with Trump’s request to immediately remove Cook from her post as arguments wrapped.
They cited concerns not only about a lack of process and the precedent that could be created by her firing, including the notion of at-will removal, but also on the importance of protecting the…
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