The leading economic policymakers who have marked the last 35 years of the US have called on the Supreme Court to protect the Fed's independence.
Eight signatories, including all living former Fed presidents, continued their duties in favor of Fed member Tim Cook.
Amicus Brief warned that removing cooks before legal proceedings are complete will undermine the independence guarantees of the administrative division, enacted 90 years ago by Congress. The cited studies show that show the established studies of independent central banks with independent central banks with independent central banks setting interest rate policies that are freed from short-term political pressures, reduce inflation and lower long-term interest rates.
The text signers include former Federal Reserve Chairs Alan Greenspan, Ben Bernanke and Janet Yellen. Others who served in both Democrat and Republican administrations include former Treasury secretaries Robert Rubin and Lawrence Summers, as well as former chairs of Glenn Hubbard and Greg Mankiw of the President's Council of Economic Advisers.
*This is not investment advice.
