Judge blocks Trump's attempt to fire Lisa Cook from Federal Reserve board, setting up Supreme Court showdown

Core Points - A federal judge has blocked President Trump's attempt to fire Lisa Cook from her position as a Federal Reserve governor, leading to a potential Supreme Court case [1] - Trump cited "cause" for the firing, referencing alleged irregularities in Cook's mortgage documents as reported by Federal Housing Finance Agency Director Bill Pulte [2][10] - Cook has filed a lawsuit against Trump to prevent her dismissal, claiming she deserves due process and alleging that Pulte is selectively targeting political adversaries [3] Federal Reserve Context - The Federal Reserve operates as an independent agency, limiting presidential power to remove its members; Cook was appointed by former President Biden and confirmed by the Senate for a 14-year term ending in 2038 [5] - Historically, no president has attempted to fire a Fed governor, although there have been attempts to influence the central bank [5] - The Supreme Court has indicated it may treat the Federal Reserve differently from other independent agencies, acknowledging its unique structure and historical significance [12] Political Implications - Trump has expressed intentions to reshape the American economy by urging the Federal Reserve to lower interest rates, with indications that rate cuts may begin in September [4] - The Justice Department has supported Trump's rationale for firing Cook, asserting that allegations of mortgage fraud justify the action [10] - Trump is considering nominees to replace Cook, although no formal nomination has been made yet [13]