From NBC News: Tackling an issue with huge ramifications for both the economy and the structure of government, the Supreme Court on Wednesday considers President Donald Trump’s attempt to oust Federal Reserve board member Lisa Cook.
With Trump seeking to exert control over the central bank, which, among other things, sets interest rates, the case has taken on even greater importance after it emerged that the Justice Department is investigating Federal Reserve Chair Jerome Powell.
Congress set up the Federal Reserve to be independent, so it would not be influenced by immediate political concerns in fulfilling its mandate to maintain price stability and low unemployment.
Under the Federal Reserve Act, presidents are restricted from removing governors unless it is “for cause,” meaning there is evidence of wrongdoing.
According to the Associated Press: The U.S. Supreme Court seems inclined to reject President Donald Trump’s effort to immediately oust Federal Reserve governor Lisa Cook after hearing arguments Wednesday. A decision is expected before the end of the court’s term in June.
In October, the Supreme Court temporarily blocked Trump from firing Cook, and instead scheduled oral arguments for the case.
Cook’s lawyers claim Trump had no reason to fire her.
Federal Housing Finance Agency Director Bill Pulte has accused Cook of mortgage fraud, which she has denied.
Public Official, Dr. Lisa Cook, appeared to be one thing in her Senate Testimony and Professorship.
But beneath that public facing veneer, she was a different person – an alleged fraudster. pic.twitter.com/JYnVGpW6as
— Pulte (@pulte) September 9, 2025
Audio clips from Wednesday’s Supreme Court hearing are being posted on social media:
U.S. Solicitor General Sauer on Lisa Cook: “She was removed on August 25th and the stock market went up for the next three days…”
Justice Barrett: “I don’t want to be in business of predicting exactly what the market’s going to do.” pic.twitter.com/GkKGx4kZFm
— CSPAN (@cspan) January 21, 2026
Justices Alito and Gorsuch get Lisa Cook’s attorney to concede that the president has the ultimate authority to remove Fed board members under existing law. @FDRLST pic.twitter.com/kSCLxsbrUV
— Shawn Fleetwood (@ShawnFleetwood) January 21, 2026
Multiple Democrats, including Reps. Maxine Waters (Calif.) and Al Green (Tex.) held a press conference outside the Supreme Court Wednesday morning in support of Cook.
Happening Now:
Press Conference in support of Federal Reserve Governor Lisa Cook.
WATCH: https://t.co/IaTjLdngAW— House Committee on Financial Services – Democrats (@USHouseFSC) January 21, 2026
Fed independence could ‘shatter’ if Trump can fire Cook without review: Supreme Court Justice Kavanaugh https://t.co/Mm5MOilSK1
— CNBC (@CNBC) January 21, 2026
BREAKING: The Supreme Court seems inclined to keep Lisa Cook on Fed board despite Trump’s attempt to fire her. Follow live updates. https://t.co/JcxY110DvZ
— The Associated Press (@AP) January 21, 2026
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