ATTORNEY GENERAL BROWN DEFENDS FEDERAL RESERVE'S INDEPENDENCE IN SUPREME COURT CASE

The following information was released by the Maryland Attorney General:

Attorney General Anthony G. Brown today joined a coalition of 23 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.

The case centers on whether the president can dismiss a member of the Federal Reserve's governing board without due process. The filing explains that an independent Federal Reserve keeps the economy stable by preventing political swings from influencing monetary policy. Economic experts, including former Federal Reserve leaders and prominent economists, have warned that undermining its independence would increase inflation, market volatility, and long-term financial instability.

Maryland and other states rely on stable economic forecasts to plan budgets, fund schools, and provide essential services. Disrupting the Federal Reserve's independence would make that work harder and more expensive for taxpayers. The filing also emphasizes that no president is above the law and that Congress, not the White House, sets the limits on presidential power over independent federal agencies.

In the case Trump v. Cook, President Trump is asking the Supreme Court to let him remove Federal Reserve Governor Lisa Cook over disputed allegations. A lower court blocked the removal while the case continues. The filing from the state attorneys general asks the Supreme Court to uphold that decision and preserve the Federal Reserve's independence as Congress intended.

Joining Attorney General Brown in filing the amicus brief are the attorneys general from Arizona, California, Connecticut, Colorado, Delaware, the District of Columbia, Hawai'i, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, and Wisconsin.