WASHINGTON (AP) — A bipartisan group of former Federal Reserve chairs, Treasury secretaries, and top White House economists urged the Supreme Court Thursday to reject an attempt by President Donald Trump to fire Federal Reserve governor Lisa Cook.
In a filing with the court, the former officials argued that allowing the removal to proceed would undermine the Fed’s longtime independence from day-to-day politics and lead to higher inflation and a weaker economy.
The filing from such an influential group underscores the unpredecented nature of Trump’s effort to remove Cook and the potentially far-reaching consequences for the economy if he were to succeed.
“There is broad consensus among economists, based on decades of macroeconomic research, that a more independent central bank will lead