Supreme Court refuses to allow Trump to immediately oust Fed’s Cook
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The news: The US Supreme Court has refused to allow President Donald Trump to immediately oust Federal Reserve Governor Lisa Cook as she sues to keep her job.
The context: In an order issued on Wednesday, the Supreme Court said it is deferring action on Trump’s bid to remove Cook from her post while the Justice Department appeals a lower court ruling that said she was likely to win her lawsuit over the firing.
The ruling is scheduled for January 2026, meaning Cook will be able to remain in her position until at least that point in time.
In August, the Trump administration accused Cook of fraudulently listing homes in Michigan and Georgia as “primary residences” in mortgage documents before joining the Fed in 2022. Cook denies wrongdoing and has not been charged.
In late September, every living former chair of the US Federal Reserve and a bipartisan group of former top economic officials urged the Supreme Court to deny Trump’s attempt to remove Cook, warning it would erode public confidence in the Fed’s independence and threaten the long-term stability of the US economy.
The sources: Supreme Court order, WSJ, Bloomberg
