by Daniel Brouse
September 25, 2025
On September 25, 2025, a landmark amicus brief was submitted to the U.S. Supreme Court by every living former Chair of the Federal Reserve. The bipartisan group urged the Court to block former President Donald Trump from firing Federal Reserve Governor Lisa Cook while her legal challenge to her removal remains pending.
Defense of Federal Reserve Independence
The brief emphasized that the Federal Reserve’s independence is a cornerstone of the U.S. monetary system. The signatories warned that permitting the executive branch to remove Fed officials without due process would dangerously politicize the central bank, undermine its credibility, and erode public trust in monetary policy.
Protection of Institutional Safeguards
The filing stressed that allowing Trump to proceed with Cook’s removal before her case is resolved would dismantle nearly a century of safeguards Congress established to protect the Fed from political interference. Those protections were deliberately designed to insulate monetary policy from short-term political pressures, ensuring decisions are guided by economic data rather than campaign calculations.
Evidence for Central Bank Independence
The brief cited extensive research showing that independent central banks consistently deliver lower inflation, lower long-term interest rates, and greater financial stability than those subject to direct political control. By contrast, history demonstrates that when political leaders hijack monetary policy, inflation spikes, economic distortions multiply, and the costs of recovery rise steeply.
The Signatories
The brief was signed by an extraordinary coalition of bipartisan economic leaders. Among them were former Fed Chairs Alan Greenspan, Ben Bernanke, and Janet Yellen; former Treasury Secretaries from both Republican and Democratic administrations; former chairs of the White House Council of Economic Advisers; and former Fed Governor Dan Tarullo. The breadth of signatories underscored the depth of consensus in the economic community that the Fed’s independence must be preserved at all costs.
Background on Trump v. Cook
The case stems from Trump’s September 2025 attempt to fire Governor Cook, citing unproven allegations of mortgage fraud predating her service on the Federal Reserve Board. A federal court quickly blocked the firing, ruling that the president had failed to establish sufficient “cause” for removal. The court also noted that the allegations concerned conduct prior to her appointment, making them legally irrelevant to her role at the Fed.
Now before the Supreme Court, the Trump administration is asking for permission to remove Cook while litigation continues. If granted, the decision would set a precedent enabling presidents to summarily remove Fed governors, a move that could radically shift the balance of power between the White House and the nation’s central bank.
Trump’s Response
In characteristic fashion, Trump reacted to the legal setback with a barrage of angry and incoherent remarks, railing against the Fed and its leadership. His statements once again highlighted his deep ignorance of — and hostility toward — basic principles of fiscal and monetary policy. Economists warn that his continued attempts to bend monetary institutions to his will pose an existential threat to both U.S. economic stability and the credibility of global financial markets.