Overview

• An unsigned order deferred the administration’s emergency request, keeping Cook in office while the justices hear the case in January 2026 with a ruling expected later in the term.
• Lower courts blocked the removal, with Judge Jia Cobb finding the ‘for cause’ standard likely does not cover pre‑appointment conduct and that Cook was denied due process, a view a divided D.C. Circuit left in place.
• Trump’s allegation centers on 2021 mortgage filings that officials say misstated primary residences; Cook denies wrongdoing, and documents obtained by news outlets show the Atlanta condo was identified as a vacation or second home, with no charges filed.
• The dispute is unprecedented in the Fed’s 112‑year history and comes as Cook continues to vote on policy and newly confirmed Governor Stephen Miran joins the board, where he dissented in favor of a larger rate cut last month.
• A separate Supreme Court case set for December on broader removal protections at independent agencies could shape the outcome, even as the Court has signaled the Federal Reserve’s structure may warrant distinct treatment.