Summary
The U.S. Supreme Court has decided that Lisa Cook can keep her position as a Federal Reserve governor for now. This decision goes against President Donald Trump's attempt to remove her over mortgage fraud claims, which Cook denies. The Supreme Court will hear more about this case in January.
Key Facts
- The U.S. Supreme Court ruled Lisa Cook can stay as a Federal Reserve governor for now.
- President Trump wanted to remove her due to mortgage fraud allegations.
- Cook says her firing attempts are due to her views on Federal Reserve policies.
- A federal judge placed a hold on her firing during legal processes, supported by the Supreme Court.
- Cook, appointed by President Biden, continues to be part of the board setting interest rates.
- Presidents can only remove a Fed governor "for cause," but this term is not clearly defined.
- Trump has been critical of the Federal Reserve for not lowering interest rates to his satisfaction.
- The Federal Reserve recently cut interest rates, citing job market concerns.
