Historic Battle over Federal Reserve Governance: Lisa Cook's Legal Struggle

The Supreme Court has made a notable decision, permitting Lisa Cook to stay on as a Federal Reserve governor, despite the Trump administration's campaign to remove her. The court plans to review arguments in January concerning this unusual effort to reshape the Fed board.

President Trump's endeavor marks the first time a sitting Fed governor might be ousted within the central bank's 112-year history. The administration's attempts have so far been thwarted by a judge ruling the firing illegal and an appeals court rejecting an emergency appeal.

Cook, appointed by President Biden, faces allegations of mortgage fraud, which Trump uses to question her integrity. However, Cook has refuted the claims and vows to perform her Fed duties, highlighting a significant power struggle over the Fed's independence.

(With inputs from agencies.)