Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released the following statement after the U.S. Supreme Court blocked President Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook while her case plays out, while separately overturning a 91-year old precedent that was a cornerstone of the independence of many Federal regulators, ruling that the President has the authority to remove members of the Federal Trade Commission.

“While I am relieved the Court temporarily blocked Donald Trump's attempt to unlawfully remove Federal Reserve Governor Lisa Cook during her ongoing case, this ruling falls far short of fully protecting the Federal Reserve's independence. To be clear, today’s decision is not the final word on Governor Cook’s case; the Court simply held that Governor Cook must be given the opportunity to respond to the Administration's allegations before any removal can occur.

Unfortunately, Donald Trump can continue pursuing her removal and he has already made clear he intends to do exactly that.

Far more alarming is the Court's decision to hand Donald Trump sweeping new authority over what used to be independent Federal agencies, including agencies like the Federal Trade Commission (FTC), Federal Deposit Insurance Corporation (FDIC), Securities and Exchange Commission (SEC), and the National Credit Union Administration (NCUA).

This decision undermines the independence of financial regulators across the federal government, opening the door for Donald Trump to purge public servants who refuse to do his bidding instead of following the law. That is dangerous for consumers, dangerous for investors, and dangerous for the stability of our financial system.”

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