Fed's John Williams stresses independence as Trump moves to fire Lisa Cook

New York Federal Reserve President John Williams on Wednesday stressed the importance of central bank independence as President Donald Trump looks to exert control over monetary policy

New York Federal Reserve President John Williams on Wednesday stressed the importance of central bank independence as President Donald Trump looks to exert control over monetary policy.

In a CNBC interview, the influential policymaker avoided commenting directly on Trump’s efforts to fire Fed Governor Lisa Cook, but did note the important economic role the central bank plays in maintaining a stable economy.

“Personally, I have worked with Lisa Cook as she’s been a member of the Board of Governors, and she’s always brought integrity and commitment to the central bank’s mission,” Williams said during the “Squawk Box” interview. “I think Federal Reserve central bank independence is very important. ... We know from history that independent central banks can deliver low inflation, economic and financial stability.”

During the first year of his second term, Trump repeatedly has pushed against the traditional barrier that has stood between the quasi-governmental Fed and influence from the White House and Capitol Hill.

The president has berated Fed Chair Jerome Powell and his fellow officials for not lowering interest rates. Previously, he has toyed with the idea of sacking Powell before eventually deciding to take on Cook, who faces accusations that she committed mortgage fraud before she became a board member.