As is known, US President Donald Trump recently announced that he had rejected Fed member Lisa Cook for making false statements in his mortgage agreement.
Lisa Cook filed a lawsuit today disputing President Donald Trump’s decision to take her into office. Cook argued that the White House had no authority to do so and that he wanted to maintain his position.
As tensions continued between the two continued, nearly 600 US economists signed a letter in support of Lisa Cook, opposed to Donald Trump’s attempts to fire each.
According to CNBC, 600 US economists said they support Lisa Cook’s independence and the Fed’s institutional independence.
“Sound economic policy requires reliable monetary policy institutions, and trustworthy monetary policy institutions require Fed independence.
In this context, we support the institutional independence of Lisa Cook and the federal government.
Trump’s claims are based on unproven allegations. I believe this is an attempt to undermine the Fed’s independence.
Central bank independence has been the basis for decades of vitality in the US economy.
We stand with Lisa Cook and the institutional safeguards that have long been the basis for America’s economic strength. ”
Lisa Cook’s letter of support included the names of Nobel Prize winners in economics, Joseph Stiglitz, Claudia Goldin, Alvin Ross, Paul Milgrom, Paul Romer, former Fed economist, former chairs and former chairs.
*This is not investment advice.
