Lisa D. Cook

Rule Changes

Remains in position pending Supreme Court decision

No president has fired a sitting Federal Reserve governor in the central bank's 112-year history. Donald Trump is trying to be the first—and to replace the Fed chair with a loyalist. His August 2025 attempt to remove Governor Lisa Cook over unproven mortgage fraud allegations escalated into a Supreme Court showdown that exposed the fragility of Fed independence. In a striking January 21, 2026 hearing, all nine justices—including three Trump appointees—expressed skepticism about Trump's removal claims, with Justice Brett Kavanaugh warning the administration's position "would weaken, if not shatter, the independence of the Federal Reserve." Fed Chair Jerome Powell attended the arguments and later called the case "perhaps the most important legal case in the Fed's 113-year history." Nine days later, Trump nominated Kevin Warsh, a 55-year-old former Fed governor and longtime Trump ally, to replace Powell when his term expires in May 2026.

Updated Feb 5

Rule Changes

Fighting Trump’s attempt to remove her; under DOJ review after Pulte referral

In early 2025, President Donald Trump installed housing heir Bill Pulte as director of the Federal Housing Finance Agency (FHFA), the regulator overseeing Fannie Mae, Freddie Mac and more than $8.5 trillion in U.S. mortgage credit. Within months, Pulte began using access to mortgage data to publicly accuse several high-profile Democrats — New York Attorney General Letitia James, Senator Adam Schiff, Federal Reserve Governor Lisa Cook and Congressman Eric Swalwell — of mortgage fraud, referring them to the Justice Department amid concerns of political retribution.

Updated Feb 5

Rule Changes

Fighting removal; Supreme Court heard arguments January 21, appears likely to block her firing

No president has ever criminally investigated a sitting Federal Reserve chair. When Trump's Justice Department served Jerome Powell with grand jury subpoenas on January 11, two Republican senators announced they would block all Fed nominees until the probe ends. With a 13-11 GOP majority on the Banking Committee, even one defection creates a confirmation stalemate.

Updated Jan 28

Rule Changes

Still on the Board after court orders block Trump’s attempt to fire her.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December’s third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated Dec 11, 2025

Rule Changes

Plaintiff in separate litigation to block Trump’s attempt to remove her from the Fed

In 2025, President Donald Trump launched an aggressive campaign to assert sweeping authority over independent federal agencies, testing the long‑standing 1935 Supreme Court precedent in Humphrey’s Executor v. United States that limited presidential power to fire members of multi‑member regulatory commissions. After the Supreme Court used its emergency docket to let Trump remove Democratic members of the National Labor Relations Board, the Merit Systems Protection Board, and the Consumer Product Safety Commission, the conflict escalated when Trump fired Democratic Federal Trade Commission commissioner Rebecca Kelly Slaughter in March 2025 and later attempted to oust Federal Reserve governor Lisa Cook, both before their fixed terms expired.

Updated Dec 11, 2025