Federal Reserve Governor Cook: Relieved by the Supreme Court decision and will uphold the independence of the Federal Reserve

Golden Ten Data, June 29 — Federal Reserve Governor Cook stated: “This matter (the mortgage fraud allegation) has nothing to do with any mortgage documents I signed before becoming a Federal Reserve Governor. This is purely a scheme to remove me from office, based entirely on fabricated pretexts; the reason I am being targeted is that I have refused to yield to political pressure and have insisted on formulating interest rate policy solely in the best interests of the American people. This is, in fact, the fundamental duty of a Federal Reserve Governor. Today’s ruling reaffirms a principle that has underpinned sound economic management for generations: the Federal Reserve must make all policy decisions based on evidence and independent judgment, free from political interference.” “The Supreme Court’s decision to uphold the lower court’s order confirms the necessity of following due process and possessing just cause; this ruling recognizes that the Federal Reserve’s independence is crucial to achieving Congress’s ‘price stability’ and ‘maximum employment’ mandates. I am deeply gratified by this decision. As long as I serve at the Federal Reserve, I will continue to defend the principle of political independence and wholeheartedly serve all the American people.”