The US Supreme Court on Wednesday barred Donald Trump from immediately firing Federal Reserve Governor Lisa Cook, as the president mounts multiple challenges that have tested the independence of the central bank.
In an order, the court said it had deferred the request "pending oral argument in January 2026," ensuring that the Fed governor will remain in her post until the case is heard.
Over the summer, Trump attempted to fire Cook, who serves on the Fed's powerful seven-person governing board, claiming that she had falsified statements on her mortgage agreements.
Cook has filed a lawsuit challenging her firing, arguing that she was not given a chance to meaningfully contest allegations against her.
Trump has been a fierce critic of the Fed's decision to keep interest rates elevated as it battles against inflation, which remains stuck stubbornly above its long-term target of two percent.
As a Fed governor, Cook, who is the first black woman to serve on the independent central bank's governing board, also serves a permanent member of the Fed's rate-setting committee, and is due to remain in post until 2038.
The Supreme Court's decision to delay the trial until January marks a rare instance of pushback by the conservative-dominated court, which has been deferential to the current administration.
Trumps' attempts to fire a member of the independent central bank has unnerved investors, and drawn criticism from close to 600 economists, who recently penned a letter expressing their support for both Cook and central bank autonomy.
Asked to comment, a Federal Reserve spokesperson referred AFP to a statement from August in which it said it would "abide by any court decision."
