Fed Governor Cook: Relieved by Supreme Court ruling, will defend Fed's independence

ME News, June 29 (UTC+8), Federal Reserve Board Governor Cook said: "This matter (mortgage fraud allegations) has absolutely nothing to do with the mortgage documents I signed before becoming a Federal Reserve Board Governor. This is purely a conspiracy to remove me from office, with completely fabricated pretexts; I am being targeted because I refused to yield 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 Board Governor. Today's ruling reaffirms a principle that has underpinned generations of sound economic management: The Fed 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 proper grounds recognizes that the Fed's independence is essential to achieving the goals of 'price stability' and 'maximum employment' entrusted to it by Congress. I am deeply gratified by this ruling. As long as I serve on the Fed, I will continue to defend the principle of political independence and serve the American people wholeheartedly." (Source: Jinshi)