The Supreme Court just told the president he can’t fire a Federal Reserve governor. At least not yet.
In a 5-4 decision delivered on June 29, 2026, the Court ruled that Fed Governor Lisa Cook can remain in her position while her lawsuit against President Trump’s attempted removal moves through the courts. Chief Justice Roberts delivered the opinion, which sidesteps the larger constitutional question of whether a president has the authority to dismiss a sitting Fed governor at will. But the immediate effect is clear: Cook stays.
The ruling caps a nearly year-long legal battle that began when Trump moved to oust Cook in August 2025, citing allegations of mortgage fraud from before her appointment to the Board. Cook fired back with a lawsuit arguing that her removal violated the Federal Reserve Act, which requires “for cause” justification to dismiss a governor.
How we got here
Lisa Cook was sworn in as a Fed Governor on May 23, 2022, making history as the first Black woman to serve on the Federal Reserve Board.
