Supreme Court says Fed's Lisa Cook can stay in her job for now

Lisa Cook takes the oath of office to serve as a member of the Board of Governors at the Federal Reserve System at the Federal Reserve in Washington on May 23, 2022 Drew Angerer/Getty Images hide caption toggle caption Drew Angerer/Getty Images The Supreme Court on Thursday shot down President Trump's attempt to fire Lisa Cook, a member of the Federal Reserve governing board, at least for now. The court's decision means Cook will stay in her job until her legal challenge to her firing plays out in the lower courts. That process could take considerable time, and in the meantime, Cook, the first African-American woman to serve on the Fed Board, will remain in her position, unlike other independent agency heads who have been fired at will by Trump, without any finding of wrongdoing. In each of those cases, the Supreme Court refused to reinstate the agency heads while their cases were being considered by the court. The court, however, treated the Cook case differently. Writing for the 5-4 majority, Chief Justice John Roberts said that the Fed is different from other government agencies because it is a "uniquely structured... entity that follows in the distinct historical tradition of the First and Second Banks of the United States." Therefore the President cannot fire members of the Fed board at will; they can only be fired for cause. …