Overview

• The open letter organized by Tatyana Deryugina drew 593 signatories, including Nobel laureates Claudia Goldin, Joseph Stiglitz and Paul Romer.
• Signatories argue that credible monetary policy requires Federal Reserve independence and warn that removing Cook would erode that principle.
• President Trump ordered Cook’s immediate removal over alleged false statements on mortgage documents and posted his directive on Truth Social.
• Cook rejected the order and sued to block it, telling the court the mortgage issues were addressed during her 2022 confirmation as a judge considers a temporary injunction.
• The dispute comes after months of presidential pressure for interest-rate cuts, and no U.S. president has previously removed a Federal Reserve Board member.