Odaily Planet Daily News: Major economic policymakers in the United States over the past 35 years, including all living former Federal Reserve chairmen, urged the Supreme Court to allow Federal Reserve Governor Tim Cook to continue in office. The friend of the court brief warned that allowing Cook to be removed from office while her legal challenge is still ongoing would mark a devastating erosion of the safeguards established by Congress 90 years ago to protect the independence of the executive branch. The signatories of the brief cited research showing that central banks can reduce inflation and lower long-term interest rates by not considering short-term political factors when setting interest rates. The brief was signed by former Federal Reserve Chairmen Greenspan, Bernanke and Yellen. The 18 signatories also include the following presidential advisers to Republican and Democratic administrations, as well as leading economists from different ideologies: former Treasury Secretaries Robert Rubin and Lawrence Summers, former Chairs of the Council of Economic Advisers Glenn Hubbard and Greg Mankiw, etc. (Jinshi)
