Federal reserve governor will stay in post for now following US supreme court announcement

Core Points - The US Supreme Court has decided that Lisa Cook will remain as a Federal Reserve governor, deferring action on the Department of Justice's request for her immediate removal, which aligns with Donald Trump's efforts to influence the US central bank [1][3] - This case marks the first attempt by a US president to remove a Federal Reserve official, challenging the independence of the central bank [2] - The court will hear oral arguments regarding this case in January, while Cook's position is temporarily protected by a lower court's ruling [1][3] Legal Context - The Federal Reserve Act of 1913 was designed to protect the central bank from political interference, allowing for the removal of governors only "for cause," although the term is not defined in the law [4] - A ruling by US District Judge Jia Cobb indicated that Trump's allegations against Cook regarding mortgage fraud were likely insufficient grounds for her removal under the Federal Reserve Act [5] Background on Lisa Cook - Lisa Cook is the first Black woman to serve as a Federal Reserve governor and has filed a lawsuit against Trump after he announced his intention to remove her, arguing that the claims made against her do not provide legal grounds for her dismissal [6]