Economic Luminaries Enter Legal Battle Over Fed Independence

A group of prominent economic figures, including former Treasury secretaries and Federal Reserve chairs, have intervened in a legal battle over the independence of the Federal Reserve. They argue that allowing the President to fire a Fed governor, in this case Lisa Cook, would jeopardize the institution's ability to effectively manage the economy. The group, which spans both political parties, contends that the Federal Reserve's independence is crucial for maintaining financial stability and making decisions in the best interest of the country, rather than being influenced by partisan politics. They warn that undermining the Fed's autonomy could have serious consequences for the US economy. The case before the Supreme Court revolves around the president's authority to remove Fed governors. The economic luminaries have filed a brief urging the court to uphold the Fed's independence and protect its ability to carry out its mandate without political interference.