Supreme Court Rejects Trump’s Bid to Fire Fed Governor

On Wednesday, 21 January 2026, the U.S. Supreme Court heard arguments in the Trump administration’s emergency appeal seeking to remove Federal Reserve Board member Lisa Cook, the Biden‑era governor charged with alleged mortgage fraud. Six of the nine justices—incl. Justice Brett Kavanaugh—indicated they would keep Cook in her post, warning that a dismissal would erode the Fed’s political independence. Cook, who has faced no criminal charges, said she would continue “to uphold the principle of political independence” if she remains. Trump has also targeted Fed Chair Jay Powell, who is set to step down in May 2026; a successor nomination faces Republican Senate scrutiny. The Fed cut interest rates three times in 2025, but the administration’s push for further cuts clashes with the central bank’s mandate.