Cook Hails Court Ruling as Victory for Fed Independence

Lisa Cook, a governor of the US Federal Reserve (Fed), described Monday’s US Supreme Court ruling as a reaffirmation of the central bank’s independence. In a 5-4 decision, the court blocked President Donald Trump’s attempt to remove her from office.

Cook said the ruling confirms that the Fed’s independence is essential to fulfilling its mandate of maintaining price stability and maximum employment. According to her, Trump sought to remove her because she refused to yield to political pressure and instead based her interest rate decisions solely on what she believed was in the best interests of the American people.

The Supreme Court ruled that Fed officials do not serve at the president’s pleasure and that Cook was not afforded due process during the removal attempt. She will therefore remain in office while she challenges the president’s decision in court.

Trump said he intends to continue pursuing the case. Writing on the social media platform Truth Social, he said he would take further steps to ensure that, in his words, “someone who has committed ⁠wrongdoing" does not make decisions on matters critical to the United States.

(Reuters, bak)