Leading economic policymakers who have marked the last 35 years of the US have called on the Supreme Court to protect the independence of the Fed.
Eighteen signatories, including all living former Fed presidents, supported Fed member Tim Cook to continue his duties.
The amicus brief warned that removing Cook before the completion of his legal process would undermine the executive branch independence guarantees Congress enacted 90 years ago. The brief cited research showing that independent central banks setting interest rate policy, free from short-term political pressures, reduces inflation and lowers long-term interest rates.
The text’s signatories include former Federal Reserve chairmen Alan Greenspan, Ben Bernanke, and Janet Yellen. Others who served in both Democratic and Republican administrations include former Treasury Secretaries Robert Rubin and Lawrence Summers, and former chairs of the President’s Council of Economic Advisers Glenn Hubbard and Greg Mankiw.
*This is not investment advice.