Federal Reserve Governor Lisa Cook is celebrating a victory against President Donald Trump after she was unexpectedly terminated last month. But although a federal judge has now ruled in favor of Cook, the president has promised this won’t be the end of things.
Suggested Reading
We previously told you Cook, the first Black woman to ever serve on the Fed’s board of governors, is suing the Trump administration for wrongful termination. News of her firing made national headlines after the administration accused Cook of mortgage fraud to justify her firing. Well, Cook wasn’t going down without a fight and a federal judge has ruled she gets to stay in her position… at least for now.
“The public interest in Federal Reserve independence weighs in favor of Cook’s reinstatement,” U.S. District Judge Jia Cobb wrote in her ruling on Tuesday (Sept. 9). “That independence is critical in helping the nation’s ‘banking system to promote stability.’”
As it stands now, this means Cook can stay in her position as governor until her case is heard at length. This also means Cook will participate in the Fed’s highly anticipated Sept. 16 meeting. According to NBC News, that’s when the central bank is expected to lower interest rates.
A White House spokesman spoke on the recent loss saying Cook’s termination was completely legal. “This ruling will not be the last say on the matter, and the Trump Administration will continue to work to restore accountability and confidence in the Fed,” White House spokesman Kush Desai said.
As the first Black woman in her position, Cook’s case against Trump has everyone watching closely. Experts say there’s a lot riding on her winning, especially as Trump continues to fire key government officials in order to appoint his own MAGA loyalists. Before Cook, the president set his sights on Erika McEntarfer, the former commissioner of Labor Statistics. After firing her, Trump has nominated an Jan. 6 apologist, E.J. Antoni in her place, NBC News reported.
Attorney Abbe Lowell, who is representing Cook, said after the judge’s order, “Allowing the President to unlawfully remove Governor Cook on unsubstantiated and vague allegations would endanger the stability of our financial system and undermine the rule of law.” The statement continued, “Governor Cook will continue to carry out her sworn duties as a Senate-confirmed Board Governor.”
Straight From 
Sign up for our free daily newsletter.