Every living former chair of the Federal Reserve, as well as a slew of ex-Treasury secretaries and former White House economic advisors, urged the Supreme Court to block President Donald Trump from firing Fed Governor Lisa Cook.

Washington

A group of prominent former U.S. economic officials, including all living former Federal Reserve chairs and several Treasury secretaries from both major parties, have filed an amicus brief with the Supreme Court. The brief supports Lisa Cook remaining in her position at the Federal Reserve while legal proceedings regarding allegations against her are ongoing. 

The officials argue that removing Cook before the case is resolved could undermine the Federal Reserve's independence and public confidence in U.S. monetary policy. They stress that their support is limited to allowing Cook to stay on the board during the investigation, not addressing the merits of the allegations themselves.

Ex-Fed chairs, Treasury, CEA heads file SCOTUS brief backing Cook

Let's get to Amy Jarvis in D.C. for the details. David, we're looking at a powerhouse new filing in the Supreme Court. This is an amicus brief just dropped within the past couple of moments, and it's signed by every living former Fed chair, also a number of former Treasury secretaries, both Democrats and Republicans, but notably no economic officials from the first Trump administration that I can see signing on to this document. It's in support of Lisa Cook, and it's arguing that the Supreme Court should leave Lisa Cook in her position at the Fed while the case is adjudicated. What they say here is that granting the government's request to remove Governor Cook from the board immediately would upset longstanding protections and the essential functions they serve. Doing so would expose the Federal Reserve to political influences, thereby eroding public confidence in the Fed's independence and jeopardizing the credibility and efficacy of U.S. monetary policy. Some of the big names signing on to this include former Fed chair Janet Yellen, Larry Summers, Robert Rubin, looking at some of the others, Hank Paulson, former Treasury secretary under President Bush, Jack Lew, former Treasury secretary under President Obama, Alan Greenspan, Phil Graham, Tim Geithner, and, of course, Ben Bernanke, former Fed chair as well, along with a host of other Obama, Bush, and Clinton-era officials here signing on to this amicus brief. So this is the weight of sort of U.S. economic thought here now coming down on the side of Cook in this debate. But as I say, notably, nobody from the first Trump administration that I can see at first glance here looking at this list of names. Guys, back over to you. Yeah. It doesn't sound like Mnuchin was on there. No. So, Eamon, I just want to clarify. They're not saying that she should not be investigated for these allegations of mortgage fraud, correct? No. They're saying she should just not be removed. This is narrow. Yeah. This is in support of her staying on the board while there's an investigation. Yeah. So what they're arguing here, and I'm just scrolling literally as we're talking because we just got this document, what they're arguing here is that leaving her in place preserves the Fed's independence from political influence. And they're really citing very fundamental first principles here. They're talking about the idea that the United States operates a fiat currency. The fiat currency has no inherent value. And the existence of the Fed guards against a political temptation to manipulate that fiat currency, either to inflate the currency and pay off the debt or other things. And they're saying that without that independent Fed, there's really no control over the currency and monetary policy, and therefore that throws U.S. economic policy out of control, basically. And the longtime reliance that people have had on that currency globally could be threatened. So this is a powerful argument from these folks, but it's relatively narrow in the sense that what they're saying is she should stay on the Fed while this case is being adjudicated. And we're waiting for Cook's lawyers, I think, Eamon, to respond to the government's SCOTUS request possibly later today. That's our Eamon Javers outside the White House. Eamon, thanks.

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Breakdown