Lisa Cook will take the oath of office to serve as a member of the Federal Reserve System board at a ceremony in Washington, D.C., at the William McSchesney Martin Jr. building.
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All former Federal Reserve chairmen, many former fiscal secretaries and former White House economic advisers, urged the Supreme Court on Thursday to stop President Donald Trump from firing federal Gov. Lisa Cook from challenging her challenge to remove her.
The signatories stated in a legal overview, “Fed Reserve independence is a key feature of our national financial system, within the limited authorities granted by Congress to achieve the goals set by Congress itself.”
“Allowing Governor Lisa D. Cook to be removed will threaten her independence and erode public trust in the Fed while the challenge to her removal is pending,” Amicus Brief said.
Signatories for the brief include former Fed chairs Alan Greenspan, Ben Bernanke and Janet Yellen. Former Treasury Secretary Robert Rubin, Larry Summers, Hank Paulson, Jack Lou and Timothy Geitner. Former White House Economic Advisors Chairs Glenn Hubbard, Greg Mankiw, Christina Romer, Cecilia Rouse, Jared Bernstein and Jason Furman. Dan Tarro, former Fed Governor.
Members of the group served and were appointed to both Democrats and Republican presidents.
Economists Ken Rogoff, Phil Gram and John Cochran also signed briefs, similar to Republican Phil Gram, who previously served as chairman of the Senate Banking Committee.
The brief said it would allow Cook to be removed, “exposed the Federal Reserve to political influence, thereby eroding public confidence in federal independence and endangering credibility.
The effectiveness of US monetary policy. ”
The submission comes in response to the Department of Justice’s debate that Cook’s lawyers should be allowed to remove her from the federal committee from seven members, facing the 4pm deadline Thursday.
Trump said on August 25 that he was fired Cook for allegations of committing mortgage fraud in connection with applications filed with two residential properties she owned. Cook denies fraud.
Cook sued Trump in U.S. District Court in Washington, D.C., asking the judge to stop her from being removed.
A September 9 judge banned Trump from firing Cook when the suits unfolded. A three-judicial panel of judges regarding the Federal Court of Appeals in DC, later upheld the order in a divisional decision.
Trump then asked the Supreme Court to lift those sentences and allow him to remove the cook.
