WorldThe U.S. Supreme Court refused on Monday ​to let Donald Trump fire Federal Reserve Governor Lisa Cook as it stood firm to preserve the central bank's cherished independence against an unprecedented challenge by the Republican president.Cook granted a reprieve, but another court decision emboldened Trump firing ability at agenciesThomson Reuters · Posted: Jun 29, 2026 11:34 AM EDT | Last Updated: 1 hour agoListen to this articleEstimated 6 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.Federal Reserve Board of Governors member Lisa Cook leaves the Supreme Court in Washington, D.C., on Jan. 21. Cook has spent about $1.2 million US fighting for her job after U.S. President Donald Trump's bid to fire her last August. (Mark Schiefelbein/The Associated Press)The U.S. Supreme Court refused on Monday ​to let President Donald Trump fire Federal Reserve governor Lisa Cook as it stood firm to preserve the central bank's cherished independence against an unprecedented challenge by the Republican president.The court, in a 5-4 ruling, blocked Trump's bid to become the first president to remove a Fed official since Congress created the central bank in 1913. Trump last August had cited unproven mortgage fraud allegations ‌in trying to oust Cook, the first Black woman to serve as a Fed governor.Chief Justice John Roberts wrote that Trump "failed to afford Cook the procedural protections to which she was entitled by statute. Without such protections, she could not properly dispute the charges the president laid against her."The Federal Reserve's governors "do not serve at the president's pleasure — they instead serve staggered 14 year terms, and may be removed only 'for cause,'" Roberts added.As a Fed governor, Cook helps set U.S. monetary policy with the rest of the central bank's seven-member board and the heads of the 12 ‌regional Fed banks.WATCH | Recapping how the Cook case got to the Supreme Court:Trump says Fed governor Lisa Cook is fired. She insists she's stayingAugust 26, 2025|Duration 3:39U.S. President Donald Trump said in a letter posted on his Truth Social platform that he is removing Federal Reserve governor Lisa Cook effective immediately. Cook said she would not step down and Trump has no authority to fire her.