Supreme Court says Trump can't fire Fed governor Lisa Cook
https://www.axios.com/2026/06/29/trump-supreme-court-fed-lisa-cook

Federal Reserve governor Lisa Cook speaks during an event in Miami. Photo: Joe Raedle/Getty Images
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Federal Reserve governor Lisa Cook speaks during an event in Miami. Photo: Joe Raedle/Getty Images
The Supreme Court ruled Monday that President Trump could not immediately remove Federal Reserve governor Lisa Cook, a blockbuster ruling that limits the president's influence on the central bank.
Why it matters: The decision is the highest court's strongest endorsement yet of Federal Reserve independence, making it harder for Trump and future administrations to reshape the central bank through presidential firings.
What they're saying: "We see no reason to leave the public in limbo, or to sow doubt as to the status of one of our Nation's (and the world's) most important financial institutions," Chief Justice John Roberts wrote.
Yes, but: Even with Roberts' sweeping defense of the Fed's independence, the ruling was narrow in one key respect.
Flashback: Trump said last year that he was firing Cook for cause, citing mortgage applications from before she was a Fed governor.
The intrigue: "This was never about mortgage documents signed years before I became a Federal Reserve governor. It was an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people," Cook said in a Monday statement.
The other side: "As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud," Bill Pulte, the housing regulator who has repeatedly accused Cook of mortgage fraud and urged her removal, wrote on X m Monday after the Supreme Court decision.
Between the lines: Fed governors are appointed to lengthy terms to insulate one of the world's most influential economic bodies from political influence.
What to watch: Trump's attempt to fire Cook last year came months before former Fed chair Jerome Powell said the Department of Justice had launched a criminal investigation into his conduct.
Editor's note: This story has been updated with comment from Cook and Pulte.
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