The Supreme Court blocks President Donald Trump from removing Federal Reserve Governor Lisa Cook, keeping her on the board while her lawsuit proceeds.A 5-4 majority written by Chief Justice John Roberts finds that the administration failed to provide Cook with adequate notice and a hearing and says the Federal Reserve Act allows removal only for cause.Cook denies mortgage fraud allegations brought by Federal Housing Finance Agency Director Bill Pulte, and the court sends those claims back to lower courts to be tested in proceedings.The ruling preserves the
Federal Reserve's institutional independence, drew briefs from
Jerome Powell and
Ben Bernanke in Cook's favor, and follows other cases that narrowed removal protections at agencies like the
Federal Trade Commission.