The Supreme Court ruled that President Donald Trump does not have the authority to fire Federal Reserve Governor Lisa Cook from the central bank for now:
The court did not rule whether Trump ultimately can fire Cook or any other member of the Fed. But it rejected Trump's bid to stay a lower federal court ruling that had prevented her from being terminated as her lawsuit challenging her dismissal proceeds:
Trump had claimed he sought to fire Cook because of allegations she committed mortgage fraud, which she adamantly denied:
The 5-4 ruling rejected Trump's bid, stating that Cook was not given the due process she was owed under federal law:
Cook, who is the first Black woman to serve as a Fed governor, stated that Trump's actions were a result of political pressure:
