Supreme Court Leaves Lisa Cook on Fed Board, Sets January Hearing

Overview

• The justices rejected the administration's emergency bid to oust Cook and scheduled full arguments for January 2026.
• Injunctions from the lower courts remain in place, keeping Cook in her seat after earlier efforts to restrict her participation were unsuccessful.
• Trump alleges mortgage-related false statements as cause for removal and asserts immediate authority, while Cook denies the accusations.
• U.S. District Judge Jia Cobb ruled the claims likely fall short under the Fed statute, and the D.C. Circuit refused to stay her injunction.
• The dispute is the first attempt to remove a Federal Reserve governor and tests the scope of for-cause protection for 14-year terms against recent rulings on executive removals and the Court's view of the Fed as uniquely structured.