TechFlow news, on September 25, according to Jinshi Data, major U.S. economic policymakers over the past 35 years—including all living former chairs of the Federal Reserve—urged the Supreme Court to allow Federal Reserve Governor Cook to continue serving. The amicus brief warns that permitting her removal while her legal challenge is ongoing would represent a destructive erosion of safeguards established by Congress 90 years ago to ensure the independence of the executive branch. Signatories cite research showing that central banks setting interest rates free from short-term political considerations can reduce inflation and lower long-term interest rates.
The brief was signed by former Fed chairs Alan Greenspan, Ben Bernanke, and Janet Yellen. The 18 signatories also include presidential advisers from both Republican and Democratic administrations, as well as leading economists across the ideological spectrum: former Treasury Secretaries Robert Rubin and Lawrence Summers, and former chairs of the Council of Economic Advisers Glenn Hubbard and Greg Mankiw, among others.
