Trump v. Cook
The Court Prevents Firing of Federal Reserve Governor
Trump v. Cook was featured in Federal Reserve Independence Supreme Court Debates (February 2026). The following is excerpted from the 5-4 majority opinion written by Chief Justice John Roberts, as prepared by the Court Reporter of Decisions. The government has not shown that it is likely to prevail on the legal arguments advanced in its stay application. Acceptance of the government’s position would in effect transform the Federal Reserve’s for-cause protection into at-will employment — an interpretive leap out of step with the statute Congress enacted and our nation’s tradition of central banking protected from political interference. The government first…
