(AURN News) — Every living former Federal Reserve chair — including Alan Greenspan, Ben Bernanke and Janet Yellen — and top Republican economic officials are urging the Supreme Court not to let President Donald Trump remove Federal Reserve Governor Lisa Cook.
In the 112-year history of the central bank, no president has ever removed a sitting governor.
A lower court has already blocked Trump’s move, saying it likely violated the law, but his administration is pressing Supreme Court justices to oust Cook immediately, even as her lawsuit continues.
The stakes are nothing less than the Fed’s independence. Economists warn that if Trump succeeds, the Fed’s credibility with global markets could collapse, undermining its ability to fight inflation and keep interest rates stable.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
