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

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Jinse Finance reports that on June 29, Federal Reserve Board Governor Cook said: "This matter (mortgage fraud allegations) has absolutely nothing to do with mortgage documents I signed before becoming a Federal Reserve Board Governor. This is purely a plot to remove me from office, based entirely on fabricated excuses; I am being targeted because I refused to succumb to political pressure and insisted on setting interest rate policy solely based on what is most beneficial to 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 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 following due process and having proper cause recognizes that the Federal Reserve's independence is crucial to achieving Congress's goals of 'price stability' and 'maximum employment.' I am deeply gratified by this ruling. As long as I serve at the Federal Reserve, I will continue to defend the principle of political independence and serve the American people with all my heart."
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