Top Economic Leaders Warn Supreme Court to Allow Lisa Cook to Remain at Fed, for Now

A group of the nation’s top former economic policymakers warned the Supreme Court on Thursday not to allow President Trump to immediately remove a member of the Federal Reserve Board, saying such a move would threaten the central bank’s independence and erode public confidence in the economy.

The influential coalition, which includes former Fed leaders, past U.S. Treasury secretaries and other leading economic advisers appointed by presidents of both political parties, urged the court in a new filing to allow the board member, Lisa Cook, to remain on the job while litigation continues.

The group includes the former Fed chairs Alan Greenspan and Ben Bernanke, in addition to a long list of former Treasury secretaries, including Janet L. Yellen, who served under President Joseph R. Biden Jr.; Timothy F. Geithner, who served under President Barack Obama; and Henry M. Paulson, who served under President George W. Bush.

In their brief filed with the Supreme Court, the group said allowing Mr. Trump to remove Ms. Cook now would upset longstanding protections Congress imposed to insulate the Fed from political pressures “jeopardizing the credibility and efficacy of U.S. monetary policy.”

In contrast, they said, keeping Ms. Cook in place would “serve the public’s interest by safeguarding the independence and stability of the system that governs monetary policy in this country.”

The Supreme Court’s conservative majority has repeatedly allowed the Trump administration to fire the leaders of independent agencies while legal challenges continue in the lower courts. But the filing from such prominent financial figures is likely to be a significant factor as the justices consider the administration’s latest request to fire Ms. Cook.

The justices have already signaled in other recent cases that the Fed is distinct from other independent agencies and may deserve special consideration in part because of its central role in the American economy.

Mr. Trump has targeted the central bank for months, pressing policymakers to lower interest rates. Justice Department lawyers have claimed that the president has the power to fire Ms. Cook because Mr. Trump has alleged that she engaged in mortgage fraud in loan documents she signed before she joined the Fed in 2022. They point to the law establishing the Fed that allows the president to fire governors for cause. Ms. Cook has not been charged with a crime.

The administration appealed to the Supreme Court after the U.S. Court of Appeals for the District of Columbia Circuit refused to allow the president to immediately remove Ms. Cook, who was appointed by Mr. Biden. As a result, she was present last week when the Federal Reserve voted to cut interest rates for the first time since December.

Ms. Cook’s lawyers urged the justices in a brief response to resist the president’s request, which they said would be an “extraordinary step” and threaten the nation’s economic stability.

That sentiment was echoed in Thursday’s brief from the former U.S. financial leaders, who stressed that the public’s perception of the Fed as free from political interference was critical to the central bank’s mandate of ensuring that the government, businesses and households can borrow at moderate interest rates.

Financial markets, employers and lenders, the group said, “are watching the current dispute over the president’s removal of Governor Cook to judge how credible the Fed will be going forward.”

Chief Justice John G. Roberts Jr. gave Ms. Cook until 4 p.m. on Thursday to more fully respond to the administration. The justices could issue an order addressing Ms. Cook’s status any time after that.