Overview
Lisa Cook is a Federal Reserve Board governor whom President Trump attempted to fire in 2025. A federal appeals court blocked the firing, holding that the president cannot remove a sitting Fed governor without cause. Cook is the central case study in the legal limits of executive removal power over the central bank during Trump’s 2025 Fed pressure campaign.
Key Facts
- Trump moved to fire Cook from the Federal Reserve Board of Governors in 2025; a federal appeals court blocked the action New Trump appointee Miran calls for half-point cut
- The blocked firing is the most direct test of for-cause removal protections at the Fed since their statutory creation
- The episode preceded and motivated the Trump administration’s pivot to an additive board strategy via Stephen Miran’s appointment
Newsletter Relevance
Monetary Policy / Power: The Cook case is the legal floor of Fed independence in 2025. If the appeals court ruling holds, executive removal power over Fed governors is bounded; if it is overturned, the institutional design changes materially.
Connections
- Federal Reserve — institution she serves on as governor
- Donald Trump — president who attempted the removal
- Stephen Miran — Trump’s alternative path: stack the board rather than remove sitting members
- Jerome Powell — chair operating in the same pressure environment
Source Appearances
- New Trump appointee Miran calls for half-point cut — references the blocked Cook firing in context of the Miran appointment
Open Questions
- Has the appeals court ruling been appealed to the Supreme Court? What’s the status?
- Are other governors being targeted? What is Cook’s current voting posture relative to the FOMC majority?