In one of the most closely watched separation-of-powers developments of the Supreme Court’s recent term, the Court declined—for now—to let President Trump remove Federal Reserve Governor Lisa Cook, signaling that the Federal Reserve may occupy a different constitutional space than other independent agencies. The move stands out all the more because the Court’s broader rulings this term generally expanded presidential authority to remove executive officials.

The litigation is unfolding through multiple levels of the federal courts, including Donald J. Trump, President of the United States, Applicant v. Lisa D. Cook, Member of the Board of Governors of the Federal Reserve System, et al. at the Supreme Court and Lisa Cook v. Donald Trump, et al in the D.C. Circuit.

On June 29, 2026, the Supreme Court denied the government’s application for a stay in Trump v. Cook, leaving in place a lower-court order that allows Federal Reserve Governor Lisa Cook to remain in office while her challenge to an attempted removal proceeds. The order is procedural, not a final ruling on the merits. But for lawyers watching the Court’s approach to presidential control over independent institutions, it is a meaningful development.

The dispute arises from the Trump administration’s attempt to remove Cook from the Federal Reserve Board.

The U.S. Supreme Court has handed down a major administrative-law ruling with immediate consequences for federal agencies, regulated businesses, and the lawyers who advise them.