Lisa Cook urges supreme court to reject Trump’s bid to fire her from Fed board

Cook’s lawyers say president’s unprecedented move would destroy Fed’s independence and disrupt financial markets

Federal Reserve governor Lisa Cook urged the US supreme court on Thursday to reject Donald Trump’s attempt to fire her, telling the justices the Republican president’s unprecedented move would destroy the central bank’s independence and disrupt financial markets.

Lawyers for Cook filed a written response opposing the justice department’s 18 September emergency request to lift a federal judge’s order that blocked Trump from immediately removing Cook, an appointee of Democratic former president Joe Biden, while her legal challenge continues.

Granting Trump’s request, her lawyers told the supreme court, “would dramatically alter the status quo, ignore centuries of history and transform the Federal Reserve into a body subservient to the president’s will”.