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

Odaily Planet Daily News Federal Reserve Governor Cook stated: "This matter (mortgage fraud allegations) is absolutely not about mortgage documents I signed before becoming a Federal Reserve Governor. This is purely a conspiracy to remove me from office, based on entirely fabricated excuses; I am being targeted because I refused to succumb to political pressure and insisted on setting interest rate policy based solely 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 has underpinned 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 due process and proper cause recognizes that the Federal Reserve's independence is crucial to achieving Congress's mandated goals of 'price stability' and 'maximum employment.' I am deeply gratified by this ruling. As long as I remain at the Federal Reserve, I will continue to defend the principle of political independence and serve all the American people wholeheartedly." (Jinshi)