Supreme Court blocks Trump's firing of Fed Governor Lisa Cook, carving the central bank out of its independent-agency ruling

Hours after overturning Humphrey's Executor for the FTC, a 5-4 majority led by Chief Justice Roberts held that the Federal Reserve's unique 'tradition of independence' shields its governors from at-will presidential removal, leaving Cook in post while her lawsuit continues

Summary

The Supreme Court ruled 5-4 in Trump v. Cook on June 29 to block Trump's firing of Federal Reserve Governor Lisa Cook, the first Black woman appointed to the Fed board. Chief Justice Roberts, joined by Justice Kavanaugh and the three liberal justices, held that the Fed's singular "tradition of central banking protected from political interference" places it outside the at-will removal authority the court granted the president over other independent agencies in the companion Slaughter ruling issued the same morning. Cook will remain in her post while her lawsuit challenging the August 2025 firing, over mortgage-fraud allegations she denies, proceeds in the lower courts. The decision leaves open the possibility of dismissing her later if the administration presents adequate cause.

Why it matters

The ruling draws a constitutional line around the Federal Reserve that global markets, central-bank peers and trading partners can price as durable, at least for now. Combined with the Slaughter ruling expanding presidential power over all other independent agencies, the day's SCOTUS decisions redraw the map of US regulatory independence in a way that will shape Fed credibility for years.

各地の論調 · 1

▸ first complete breakdown of the 5-4 majority, naming Roberts and Kavanaugh joining the liberals and distinguishing Cook's case from Slaughter's

NBC News · United States · en · 2026年6月29日 14:21Z

NBC reported that the Supreme Court's 5-4 majority, in Trump v. Cook, blocked Trump from removing Federal Reserve Governor Lisa Cook, with Roberts writing that the Fed's unique structure and 'tradition of central banking protected from political interference' placed it outside the at-will removal regime just applied to the FTC. Cook, the first Black woman on the Fed board, had been fired in August 2025 over mortgage-fraud allegations she denies.

“The Supreme Court said Trump cannot fire Federal Reserve Governor Lisa Cook, distinguishing the central bank from other independent agencies.”

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