Lisa Cook can stay on at the Fed — for now
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 10 September 2025
⏱️ 7 minutes
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Summary
A U.S. district court issued a preliminary injunction barring President Donald Trump from ousting Federal Reserve Board Governor Lisa Cook, which means she can stay in her job while she fights her dismissal. The central bank is largely supposed to be insulated from politicians. However, this is unlikely to be the final word on the matter. And later, consumers have choices for many services. Why is that not the case with electricity providers?
Transcript
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| 0:00.0 | A court says a president can't just fire a member of America's central bank, which under law has a large degree of insulation from politicians, but this is not likely the final word. |
| 0:12.7 | I'm David Brancaccio in Los Angeles. Federal Reserve Board Governor Lisa Cook can stay in her job pending a possible legal appeal. A federal judge has ruled that Cook can stay while she fights President Trump's efforts to fire her. |
| 0:25.9 | Marketplace's Nancy Marshall Ginsburg joins us now with more. |
| 0:29.8 | Well, David, last night, U.S. District Court Judge Giacob issued a preliminary injunction barring President Trump from ousting Cook, |
| 0:37.4 | so that means Cook can stay in her job while she fights her dismissal. preliminary injunction barring President Trump from ousting Cook. |
| 0:41.1 | So that means Cook can stay in her job while she fights her dismissal. |
| 0:46.3 | What did the judge have to say about assertions that Cook committed mortgage fraud? |
| 0:54.1 | Well, the judge said that Cook, quote, made a strong showing that her dismissal would violate the Federal Reserve Act. |
| 0:58.6 | Now, that law says a Fed governor can only be removed for cause. |
| 1:03.2 | The judge says that only refers to a Fed governor's behavior while in office. |
| 1:07.6 | And Cook took out the mortgages in question before becoming a Fed governor. |
| 1:09.9 | She's denied committing mortgage fraud. |
| 1:15.9 | Now, our central bankers, the Fed, they meet next week to possibly lower interest rates. |
| 1:18.4 | Will Lisa Cook be at that two-day meeting? |
| 1:20.9 | As things stand right now, yes. |
| 1:26.4 | In a statement to marketplace, her lawyers say Cook will continue to carry out her sworn duties, |
| 1:29.2 | adding that the ruling quote recognizes and reaffirms the importance of safeguarding the independence of the Federal Reserve. The White |
| 1:33.9 | House also issued a statement, though, saying President Trump lawfully removed Lisa Cook for cause, |
| 1:40.7 | and quote, this ruling will not be the last say on the matter. |
| 1:50.1 | And meanwhile, the Trump administration's in the process of filling a separate vacancy on the Fed border governors with White House Economic Advisor Stephen Myron. |
| 1:54.7 | Yeah, the Senate Banking Committee is scheduled to vote on Myron's nomination today. |
| 1:59.9 | If he's approved by the committee, |
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