Supreme Court Allows Lisa Cook to Remain on Federal Reserve Board Pending January Hearing
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The Supreme Court has permitted Federal Reserve Governor Lisa Cook to continue her duties while scheduling a hearing in January to address President Trump's attempt to remove her.
The Supreme Court has decided to allow Federal Reserve Governor Lisa Cook to remain in her position while it prepares to hear arguments in January regarding President Donald Trump's effort to remove her from the central bank.
In August, President Trump sought to dismiss Cook, citing allegations of mortgage fraud from 2021, prior to her tenure at the Federal Reserve. Cook has denied any wrongdoing and has not been charged with a crime.
A federal judge previously ruled that the administration had not satisfied the legal requirement that Federal Reserve governors can only be fired "for cause," which is limited to misconduct while in office. The judge also held that Trump's firing would have deprived Cook of her due process rights.
The Supreme Court's decision to hear the case in January means Cook will participate in the Federal Reserve's upcoming meetings, including the next interest rate-setting committee meeting in late October.
This case is part of a broader legal debate over the president's authority to remove officials from independent federal agencies. The Supreme Court is also set to hear arguments in December on whether the president can fire members of the boards that oversee other independent federal agencies at will.
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