The US Supreme Court ruled on Monday against President Donald Trump's attempt to remove Federal Reserve Board member Lisa Cook. The court ruled that Cook would remain in her position, once again emphasizing the long-debated independence of the central bank.
How did the legal battle begin?
In August, Trump announced he wanted to remove Cook from the Federal Reserve Board. The president alleged that Cook had misrepresented information in three mortgage applications she took out before joining the central bank. Cook denied the allegations and has not been charged with any crime.
Cook filed a lawsuit against Trump in federal court in Washington D.C. to block her removal. In September, a district court judge temporarily halted Cook's removal while the case proceeded. The decision was later upheld by a federal appeals court.
Lisa Cook's career
Appointed by former President Joe Biden in 2022, Cook made history as the first Black woman to serve on the Fed's board. The seven-member board sets US monetary policy and oversees the banking system.
An economist educated at Oxford and Berkeley, she taught at Harvard University and Michigan State University. A graduate of Spelman College, Cook speaks French, Russian, Spanish, and Wolof, widely spoken in Senegal.
In addition to her academic career, she has held senior government positions. From 2011 to 2012, she worked as a senior economist on then-President Barack Obama's Council of Economic Advisers. Previously, she served as a senior adviser on finance and development at the Treasury Department's Office of International Affairs.
Cook joined the Fed's Board in May 2022 and was reappointed in September 2023, earning a term lasting until January 2038.
