Federal Reserve Governor Lisa Cook is responding after the U.S. Supreme Court on Monday blocked President Donald Trump’s attempt to have her fired, with Cook saying the ruling stands up for the independence of the nation’s central bank.
In a written statement, Cook said: “The Supreme Court’s decision to leave the lower court’s order in place and affirm the need for real process and real cause recognizes that Federal Reserve independence is essential to fulfilling the congressional mandate of price stability and maximum employment.”
She went on to say: “I am grateful for this decision, not for my own sake, but for the sake of the American people, whose economic well-being depends on a central bank that answers to its mission, not political intimidation.”
The Supreme Court’s action upheld an earlier lower court ruling that had already blocked the attempted removal, reinforcing the principle that Federal Reserve officials cannot be dismissed without legitimate cause and proper procedure.
