Fed Governor Cook said he welcomed the U.S. Supreme Court decision, which upheld
a lower-court order and affirmed the need for due process and proper cause, and
recognized that Federal Reserve independence is essential to achieving
Congress’s mandates of price stability and full employment. Cook characterized
the mortgage-fraud allegations as unrelated to documents he signed before
joining the Fed and called the case a fabricated attempt to remove him for
refusing to yield to political pressure and for making rate decisions based on
what he judged best for the American people. He said he is relieved by the
ruling and will continue to defend the Fed’s political independence while in
office.
