Overview
- Oral arguments are set for Wednesday, and Lisa Cook remains on the Federal Reserve Board under a lower court order while the case proceeds.
- President Donald Trump moved to remove Cook over alleged mortgage misrepresentations from before her Fed service, allegations she denies and for which no charges have been filed.
- The Justice Department argues the president determines whether the statutory 'for cause' standard is met, while prior Supreme Court signals have treated the Fed as uniquely insulated compared with other agencies.
- Fed Chair Jerome Powell plans to attend the session, days after disclosing grand jury subpoenas that he said threatened an indictment and amounted to pressure over interest-rate policy.
- A ruling expected by late June or July could either reinforce meaningful 'for cause' protections for Fed governors or outline how presidents might lawfully remove them, with potential consequences for markets and monetary policy.