Federal Reserve Board

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The U.S. Supreme Court recently heard oral arguments in Trump v. Cook, involving the issue of whether the President may remove Lisa Cook as a member of the Board of Governors of the Federal Reserve Board. Board Members may be removed “for cause,” and the President has cited alleged mortgage fraud as the basis for the removal of Cook as a Board Member.… Continue Reading

As we have previously reported, a lawsuit was brought early this year by the unions representing CFPB employees against Acting CFPB Director Vought and the CFPB in the DC District Court.

The Court months ago enjoined the CFPB from terminating some 1,400 employees and taking certain other actions in pursuit of Vought’s goal of minimizing the CFPB while the lawsuit is pending.… Continue Reading

On December 5, 2025, Rise Economy, the National Reinvestment Coalition and the Woodstock Institute filed a lawsuit against the CFPB and its Acting Director Russell Vought in the Federal District Court for the Northern District of California (San Francisco) seeking declaratory and injunctive relief related to Vought’s determination not to seek funding from the Federal Reserve Board because of an opinion provided to the CFPB by the Office of Legal Counsel of the Department of Justice (“OLC”) that it would be unlawful for the CFPB to make such a request based on there being no “combined earnings of the Federal Reserve System.”… Continue Reading

Despite President Trump’s efforts to fire her, the Supreme Court has ruled that Lisa D. Cook can remain on the Federal Reserve Board at least until the court hears oral arguments in January 2026.

The administration had asked the Supreme Court for a stay of a preliminary injunction issued by the U.S.… Continue Reading

President Trump correctly removed Lisa D. Cook from the Federal Reserve Board for improperly claiming on mortgage applications that residences in Michigan and Georgia both were her primary residences, the Trump Administration said in a brief filed with the Supreme Court.

“Following the statute, President Trump duly removed respondent Lisa Cook for ‘deceitful and potentially criminal conduct in a financial matter’ that renders her unfit to serve on the Nation’s preeminent financial policymaking and regulatory body—a quintessential cause for removal,” Solicitor General D.… Continue Reading

Allowing President Trump to fire Lisa D. Cook from the Fed would “signal to the financial markets that the Federal Reserve no longer enjoys its traditional independence, risking chaos and disruption,” Cook told the Supreme Court, in her opposition for a stay in her case.

“For decades, the Board’s insulation from direct presidential control has allowed the American markets and economy to thrive,” she wrote, adding, “the legislative record is abundantly clear that Congress did not mean for Federal Reserve Board governors to serve at the President’s pleasure.”… Continue Reading

President Trump is asking the Supreme Court to allow him to fire Lisa D. Cook from the Federal Reserve Board.

“This application involves yet another case of improper judicial interference with the President’s removal authority—here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause,” Solicitor General D.… Continue Reading

A divided federal appeals court has ruled that President Trump illegally fired Lisa Cook from her position as a member of the Federal Reserve Board.

The decision, by a three-judge panel of the U.S. Court of Appeals for the District of Columbia, means that Cook may vote on whether to cut interest rates during a two-day meeting that started today.… Continue Reading

President Trump is appealing a federal judge’s decision that blocked him from firing Lisa Cook from the Federal Reserve Board.

Trump filed a brief notice in U.S. District Court for the District of Columbia saying he would appeal Judge Jia M. Cobb’s decision to the U.S. Court of Appeals for the District of Columbia.… Continue Reading

On August 7, President Trump signed a landmark executive order, “Guaranteeing Fair Banking for All Americans.” This sweeping action prohibits financial institutions of any size from denying services to individuals or businesses based on political or religious beliefs, orientation, or lawful industry involvement.

The order is already being called one of the most consequential banking actions in years.… Continue Reading