Lisa Cook gives urgent plea to SCOTUS: Don’t ‘ignore centuries of history’

Federal Reserve Governor Lisa Cook is calling on the Supreme Court to rule in her favor as President Donald Trump’s effort to remove her from her role continues.

The counsel for Cook argued to the justices on Thursday that they should reject Trump’s request that he should be allowed to fire her, dependent on the outcome of her lawsuit, which is playing out in court. They maintained that taking Trump’s side would “eviscerate” the independence of the Fed.

In late August, Trump said he would move to oust Cook, citing allegations of mortgage fraud from a member of his administration. Bill Pulte, the chief of the Federal Housing Finance Agency, first leveled accusations against Cook, saying that she appeared to claim two homes in Michigan and Georgia as “primary residences” in July 2021. Cook has denied any wrongdoing and has not been charged with any crime.

“Granting that relief would dramatically alter the status quo, ignore centuries of history, and transform the Federal Reserve into a body subservient to the President’s will,” Cook’s lawyers argued in the new filing.

The plea comes as a group of every living previous Fed chair, as well as a slate ex-Treasury secretaries and former White House economic advisers, have told the Supreme Court that Cook should keep her job. No U.S. president has ever fired a Fed governor since 1913, when Congress created the board.

In the filing, Cook’s legal team also claims that Trump’s request is “based on flimsy, unproven allegations of pre-office wrongdoing—allegations conveniently timed following the President’s criticism of the Board’s policy decisions.”

Since taking office, Trump has repeatedly criticized the Fed and its chair, Jerome Powell, for keeping rates steady. Earlier this month, the central bank cut rates by a quarter of a percentage point — the first time in nine months.

The Supreme Court could rule on Trump’s request at any moment.