A U.S. federal appeals court has temporarily blocked President Trump’s bid to remove Federal Reserve governor Lisa Cook, issuing a 2-1 ruling that said there is "no need" at this stage to decide if allegations meet the "for cause" standard for dismissal. The decision means Cook will be back at the table for the Fed’s critical interest rate meeting.
This rare legal battle comes just hours before the Federal Open Market Committee (FOMC) convenes to set benchmark rates that ripple through global markets—from mortgages and student loans to corporate borrowing and emerging-market investments. Without a Supreme Court order by the meeting's start on Tuesday, Cook can vote alongside her colleagues on policy decisions that affect economies across G20 nations.
Earlier this month, on September 9, a federal judge halted President Trump’s removal order, ruling that Cook must be immediately reinstated. The appeals court's Monday ruling preserves that status quo, giving financial markets and policymakers clarity ahead of what many expect to be a closely watched meeting in Washington, D.C.
Also on Monday, the U.S. Senate confirmed Stephen Miran, one of the administration’s top economic advisers, to the Fed’s governing board in a narrow 48-47 vote. Miran will fill the seat of board member Adriana Kugler, who resigned in early August, serving out the remainder of her term until January. He plans to continue chairing the White House Council of Economic Advisers while on unpaid leave from that role.
For young global citizens and business leaders alike, the episode underscores how legal and political twists can shape central bank leadership—and by extension, the cost of borrowing, investment flows, and economic growth worldwide. As the Fed meets this week, all eyes will be on how this temporary reprieve for Governor Cook influences the committee’s policy stance.
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U.S. appeals court lets Lisa Cook remain Fed governor for now
cgtn.com
