By Enyichukwu Enemanna
The US Supreme Court on Wednesday barred President Donald Trump from immediately firing the governor of Federal Reserve, Lisa Cook, as the US leader has been accused of mounting multiple challenges that have tested the independence of the central bank.
The top court in an order said it had deferred the request “pending oral argument in January 2026,” paving way for the Federal Reserve chief to remain in office until the case is heard.
Trump had over the summer attempted to fire Cook, who serves on the Fed’s powerful seven-person governing board, accusing her of falsification of statements on her mortgage agreements.
Cook had filed a lawsuit challenging attempt to relieve her of her duty, 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, an AFP report stated.
Trumps’ attempts to fire a member of the independent central bank has caused panic among investors, and drawn criticism from close to 600 economists, who recently wrote a letter expressing their support for both Cook and central bank autonomy.