A rare filing in the Lisa Cook–Trump case could sway Supreme Court justices

By Fox News · Fox News

A rare filing from economic heavyweights could shape how Supreme Court justices view the limits of presidential control over the Federal Reserve and U.S. monetary policy. On Wednesday, the nation's highest court heard oral arguments for two hours on whether President Donald Trump has the authority to remove Lisa Cook from the Federal Reserve’s Board of Governors. That debate has drawn an extraordinary amicus brief from some of the most influential figures in U.S. economic policy. An amicus brief is a submission from a group not directly involved in a suit that offers information, expertise, or arguments to help a court decide the matter. SUPREME COURT SET TO HEAR CASE IN TRUMP FIGHT OVER LISA COOK’S FED SEAT Signed by every living former chair of the Federal Reserve , Alan Greenspan, Ben Bernanke and Janet Yellen, as well as six former Treasury secretaries who served presidents of both parties. The group, which also includes seven former White House economic advisers, spans roughly five decades of U.S. economic policymaking. Such intervention is almost unheard of, as former Fed chairs and Treasury secretaries typically steer clear of public legal battles. In the 32-page amicus brief, the group argues that allowing the Trump administration to remove a sitting Fed board member would "erode public confidence in the Fed’s independence and threaten the long-term stability of the economy." WHO IS LISA COOK? THE FED GOVERNOR AT THE CENTER OF TRUMP’S SUPREME COURT FIGHT Expanding the president’s power over Fed board membership is "neither necessary nor appropriate" and would be counterproductive, the group writes, because it would weaken the central bank’s independence and lead to higher inflation and economic instability. That concern, the group argues, is already playing out in real time. "Sectors that pay close attention to the Federal Reserve — including the financial markets, the public, employers and lenders — are watching the current dispute over the President’s rem…