Fed Governor Cook: Will Defend Fed Independence, Welcomes Supreme Court Ruling

Odaily reports that Federal Reserve Governor Cook stated: "This matter (mortgage fraud allegations) has absolutely nothing to do with the mortgage documents I signed before becoming a Fed Governor. This is purely a conspiracy to remove me from office, based on fabricated excuses; I am being targeted because I refused to succumb to political pressure and insisted on setting interest rate policy solely based on what is best for the American people. And that is the most fundamental duty of a Federal Reserve Governor. Today's ruling reaffirms a principle that underpins generations of sound economic management: 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 and confirm the necessity of following due process and having just cause recognizes that the Fed's independence is crucial to achieving Congress's mandates of 'price stability' and 'maximum employment.' I am deeply gratified by this ruling. As long as I serve at the Federal Reserve, I will continue to defend the principle of political independence and serve all the American people with dedication." (Jinshi Data)