The Supreme Court on Monday denied President Donald Trump’s attempt to fire Federal Reserve governor Lisa Cook, a landmark ruling that limits the president’s control over the independent central bank.
In a 5-4 decision, the majority ruled that Cook can continue serving in her role while a legal case challenging her termination plays out.
“Acceptance of the Government’s position would in effect transform the Federal Reserve’s for-cause protection into at-will employment—an interpretive leap out of step with the statute Congress enacted and our Nation’s tradition of central banking protected from political interference,” Chief Justice John Roberts wrote for the majority.