Supreme Court keeps Lisa Cook at the Fed, but broadens removal power

On June 29, 2026, the Supreme Court kept Federal Reserve Governor Lisa Cook in place for now while it separately struck down the FTC’s for-cause removal protection. The result is immediate stability for Cook, but far more room for presidents to remove leaders at many independent agencies.

The key distinction is the Fed. In Cook, the Court said the Federal Reserve has a unique historical status and a special role in monetary policy, so the stay fight should not unsettle its independence at this stage.

What the Court did in Cook’s case

In Trump v. Cook, the Court denied the government’s request to stay the lower-court order that had blocked Cook’s removal. That means Cook remains on the Federal Reserve Board while the case continues. The order was interim, not a final ruling on the underlying dispute.

The Court said the Federal Reserve’s independence, and the appearance of that independence, mattered to its analysis. It also said Cook was entitled to notice and an opportunity to respond before removal.

What changed in the companion ruling

In Trump v. Slaughter, the Court held that the FTC’s for-cause removal protection violates separation of powers. The practical effect reaches beyond the FTC because the Court said Humphrey’s Executor has little left, if anything, and overruled it to that extent.

That makes the Fed ruling a narrow exception, not a broad shield for independent agencies. For now, the Court appears to be treating central bank independence differently from the rest of the administrative state.

Why this matters

This is not just a personnel fight. It affects how much control presidents have over regulators, how stable agency leadership is, and how markets read the independence of key institutions. The biggest near-term question is how far lower courts apply Slaughter to other agencies, and whether the Fed exception stays narrow.

For now, Cook stays at the Fed. But the Court’s June 29 rulings changed the removal-power landscape in a way that could shape the next wave of agency fights.

Sources

• U.S. Supreme Court order list
• Associated Press live coverage of the independent-agency rulings
• CBS News report on the FTC removal ruling