Economic Luminaries Enter Legal Battle Over Fed Independence

A bipartisan group of former Treasury secretaries, Federal Reserve chairs and other experts urged the US Supreme Court not to let President Donald Trump fire Fed Governor Lisa Cook, arguing that the health of the economy is at stake.

Allowing Trump to oust Cook while she challenges her removal would erode the public’s trust in the Fed and undermine efforts to stabilize prices, increase employment and moderate long-term interest rates, the group said in a friend-of-the-court brief filed with the justices on Thursday.