Supreme Court Delays Ruling On Lisa Cook’s Future At The Fed

Lisa Cook will remain a Federal Reserve Governor at least until January, when the Supreme Court is scheduled to hear arguments on whether President Donald Trump has legal grounds to remove her.

“The application for stay presented to The Chief Justice and by him referred to the Court is deferred pending oral argument in January 2026,” the Court’s decision, published Wednesday, states. 

This marks the second setback for Trump in the dispute. In September, a federal appeals court denied his last-minute attempt to block Cook from participating in the Federal Open Market Committee (FOMC) meeting.

Trump has repeatedly pressured the Fed, including Chair Jerome Powell, to cut rates. On Sept. 17, the Fed lowered its benchmark interest rate by 25 basis points, the first cut since December 2024. Stephen Miran, appointed by Trump to fill the remainder of Adriana Kugler’s term through January 2026 after her Aug. 1 resignation, was the sole member to vote for a deeper 50 bps cut.

Trump and other officials, including Federal Housing Finance Agency (FHFA) Director Bill Pulte, allege that Cook committed mortgage fraud before her Fed appointment.

On Aug. 15, Pulte sent two criminal referrals  to Attorney General Pam Bondi related to Cook’s 2021 purchase of homes in Michigan and Georgia. He claims she misrepresented occupancy status as “primary residence” to secure lower rates and down payments but has used it as an investment property. 

That prompted Trump to attempt to dismiss Cook “for cause” on Aug. 25. Cook, in turn, sued Trump, arguing her removal was unlawful under the Fed’s charter statute.

A second referral, filed later in August, concerned a Cambridge, Massachusetts, condominium. Pulte alleges Cook obtained a $361,000, 15-year loan in April 2021 by declaring it a second home, but later disclosed rental income from the property, suggesting it was used as an investment. 

The Department of Justice opened an investigation on Sept. 4 into whether Cook misrepresented the occupancy of the three properties to obtain better mortgage terms.