Nearly 600 economists signed an open letter expressing their support for Lisa Cook, a member of the US Federal Reserve Board of Governors, and for the policy of central bank independence, as Cook faces an attempt by US President Donald Trump to remove her from office.

The letter, signed by 593 economists as of Tuesday evening, including Nobel laureates and former US government officials, stated: “Good economic policy requires credible monetary institutions.”

It added, “To achieve this, the credibility of monetary institutions depends on the independence of the Federal Reserve.”

The letter was announced after Trump stated on his platform “Truth Social” last week that he intended to immediately remove Cook over allegations related to mortgage document fraud.

Cook, the first African-American woman to hold a seat on the Federal Reserve Board, is challenging her dismissal in court.

On Tuesday, her lawyers filed an objection to Trump’s grounds for removal, affirming in a court memo that their client was not given a real opportunity to defend herself against the accusations.

The open letter signed by the economists said: “Recent public statements about Governor Cook—including threats to remove her and claims alleging her dismissal—have been accompanied by unproven accusations.” The letter warned that “this approach threatens the fundamental principle of central bank independence,” according to AFP.

Among the most prominent signatories as of Tuesday were Claudia Goldin, Joseph Stiglitz, and Paul Romer, all Nobel Prize winners in economics, along with Christina Romer (Chair of the Council of Economic Advisers under Obama) and Jared Bernstein (under Biden). The letter was organized by Tatiana Deryugina, a finance professor at the University of Illinois at Urbana-Champaign.

The accusations against Cook include that she declared two primary residences in Michigan and Georgia during 2021, which typically grants favorable mortgage terms.

Although Trump justified her removal by a criminal referral, no formal criminal charges have been filed against Cook to date. Also, the facts cited occurred before her appointment to the Federal Reserve in 2022.

Cook’s defense memo argued that the referral letter’s wording reflects carefully chosen fabricated accusations to support the president’s political desire to remove a Federal Reserve board member who disagrees with him.

Her lawyers warned that allowing Cook to be barred from performing her duties even temporarily “would constitute a fundamental breach” of the Federal Reserve’s independence, which has lasted nearly a century.

A recent Supreme Court ruling states that Federal Reserve officials can only be removed “for cause,” usually meaning serious misconduct or dereliction of duty.

The Federal Reserve has faced increasing pressure in recent months with Trump demanding interest rate cuts, while the central bank’s policy remains cautious in lowering rates due to the impact of tariffs imposed by Trump on the economy.