Nearly 600 economists have signed an open letter supporting Federal Reserve Governor Lisa Cook, stressing the importance of keeping the central bank independent from political pressure.
The signers — including Nobel Prize winner Joseph Stiglitz and former Chair of the Council of Economic Advisers Jared Bernstein — warn that efforts to weaken Cook’s role could damage confidence in one of the country’s most important economic institutions.
“Recent public statements about Governor Cook—including threats of removal and a claim that she has been fired—have come along with unproven accusations,” the group of more than 590 economists wrote on Tuesday.
“This approach threatens the core idea of central bank independence and hurts trust in one of America’s key institutions,” the economists added.
The letter was organized by Tatyana Deryugina, an associate finance professor at the University of Illinois at Urbana-Champaign. It comes as Cook sues President Donald Trump in federal court after he tried to fire her over mortgage allegations.
“I organized this letter because most economists understand the importance of central bank independence, but it might not be clear to the American public and some politicians how vital that independence is for economic stability,” Deryugina told Fox News Digital.
“I wanted the letter to show the agreement in the profession to the President, Congress, and the public,” she added.
Currently, Trump says Cook is fired, effective immediately. But Cook and her lawyers argue that Trump has no legal power to remove her, making this case likely to reach the Supreme Court.
Cook’s appointment was historic, as she became the first Black woman to serve as a governor on the Federal Reserve Board of Governors, also known as the Fed board. Her possible removal could mark another historic first.
The Fed board has seven members, nominated by the president and confirmed by the Senate. This group of central bankers guides the nation’s economic direction.
Congress set up the Federal Reserve to operate independently of politics. Its top members serve 14-year staggered terms, longer than a president’s term, to protect the institution from political influence.
