When it comes to threats to the political independence of the Federal Reserve, the Old Guard wants the New Guard to knock it off – right now.

An impressive list of bold-faced names of the nation’s top economists – including many from past Republican administrations – have demanded that the current White House curb its legal efforts to fire Federal Reserve Governor Lisa Cook.

And they took their request right to the U.S. Supreme Court in an unprecedented, bipartisan show of support that transcends the Trump Administration’s chokehold on all things GOP across Washington.

A legal brief filed Sept. 25 before the Supreme Court was signed by:

• Every living former Federal Reserve chair
• Former U.S. Treasury secretaries
• Former White House economic advisors
• Top academic and research economists

Firing a Fed governor would be a historic first

No sitting Federal Reserve governor has ever been removed by a president: even during moments of intense conflict, such as when President Lyndon B. Johnson clashed with Fed Chair William McChesney Martin or when President Richard Nixon pressured Fed Chair Arthur Burns.

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That precedent underscores how rare and controversial Trump’s threat is. 

Legal analysts say forcing out a governor without clear evidence of misconduct could spark a constitutional showdown and market turmoil.

The independence of the Federal Reserve is at stake

The independence of the Federal Reserve is considered vital to its credibility with investors and the public at home and across the globe.

Allowing governors to serve fixed terms regardless of political shifts helps ensure monetary policy decisions, such as raising or cutting interest rates, are based on economic data rather than electoral politics.

Related: Fed chair cites dual risks over jobs, inflation as politics loom

White House wants a Fed that will lower interest rates

Trump has been demanding that the central bank lower benchmark interest rates immediately by a whopping three percentage points.

The Federal Open Market Committee voted Sept. 17 to lower the benchmark Federal Funds Rate by a quarter of a percentage point to 4.00% to 4.50%.

It was the first Fed interest rate cut of 2025 and reflected concerns about a weakening labor market.

Pulte dug up details on Cook’s mortgages

Federal Housing Finance Agency Director William Pulte is a Trump loyalist who has joined the president in repeatedly criticizing Fed Chair Jerome Powell for not lowering interest rates.

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Pulte sent a letter dated Aug. 15 to Attorney General Pam Bondi alleging Cook committed mortgage fraud in 2021 by obtaining mortgages in Michigan and Georgia and then claimed both as her primary residences.

Cook’s only comment to date has been that she would not “be bullied” into leaving her post.

The Federal Reserve said in a release that it would abide by a legal decision by the courts.

What mortgage fraud is and why it’s a federal crime

Mortgage fraud is a federal offense that involves making false or misleading statements to obtain a home loan under better terms than would otherwise be possible.

The FBI classifies it as a type of financial institution fraud, and the Department of Justice handles prosecutions.

Economists cite critical importance of Fed independence

The amicus brief urged the Supreme Court to block Trump from firing Cook for cause over unsubstantiated allegations of mortgage fraud while her legal case to retain her job proceeds before the high court.

“The independence of the Federal Reserve, within the limited authority granted by Congress to achieve the goals Congress itself has set, is a critical feature of our national monetary system,” according to the amicus brief as first reported by CNBC.

“Allowing the removal of Governor Lisa D. Cook while the challenge to her removal is pending would threaten that independence and erode public confidence in the Fed,” the amicus brief said.

Signers of the brief included:

• Former Fed Chairs Alan Greenspan, Ben Bernanke and Janet Yellen.
• Former Treasury Secretaries Robert Rubin, Larry Summers, Hank Paulson, Jack Lew and Timothy Geithner.
• Former White House Council of Economic Advisers chairs Glenn Hubbard, Greg Mankiw, Christina Romer, Cecilia Rouse, Jared Bernstein and Jason Furman.
• Former Fed Governor Dan Tarullo.

Members of the group had served under both Democratic and Republican presidents.

The brief said that allowing Cook to be removed now “would expose the Federal Reserve to political influences, thereby eroding public confidence in the Fed’s independence and jeopardizing the credibility and efficacy of U.S. monetary policy.”

Cook maintains her innocence as legal drama mounts

The filing comes as Cook’s lawyers faced Sept. 25 deadline to respond to arguments by the Justice Department that Trump should be allowed to remove her from the seven-member Fed Board of Governors while the Supreme Court considers whether the president has legal cause to fire her.

• Trump said on Aug. 25 that he was firing Cook because of allegations that she committed mortgage fraud in connection with applications she filed for two residential properties she owns in Michigan and Georgia.
• Cook sued Trump in U.S. District Court in Washington, D.C., asking a judge to block her removal.
• That judge on Sept. 9 barred Trump from firing Cook as her suit plays out.

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