Overview

• U.S. District Judge Jia Cobb issued a temporary injunction keeping Lisa Cook on the Federal Reserve Board and directed Chair Jerome Powell to allow her to carry out her duties.
• Cobb wrote that the best reading of the Federal Reserve Act limits removal “for cause” to behavior in office, not alleged conduct before a governor takes the post.
• Trump moved to fire Cook citing mortgage-fraud allegations raised by FHFA Director Bill Pulte; Cook denies wrongdoing and sued to block the dismissal.
• The Justice Department has opened a criminal mortgage-fraud probe and issued grand jury subpoenas in Georgia and Michigan, though Cook has not been charged.
• The administration argues the president has broad removal authority and has signaled it will appeal, positioning the dispute for rapid review by higher courts.