Attorney General Phil Weiser today led a coalition of attorneys general on a brief filed with the U.S. Supreme Court defending the independence of the Federal Reserve Board of Governors. The filing urges the court to reject President Trump’s request to immediately remove Federal Reserve Governor Lisa Cook, arguing that such action would undermine the Federal Reserve’s ability to make economic decisions free from political interference.
“No president is above the law. Congress, not the White House, sets the limits on presidential power over independent agencies like the Federal Reserve,” said Attorney General Weiser. “The Federal Reserve must be able to make decisions that protect the nation’s long-term economic stability, not ones driven by politics. When the Fed’s independence is threatened, families and communities in Colorado feel the impact through higher costs, less stability, and greater uncertainty in their daily lives.”