Supreme Court keeps Fed’s Lisa Cook in role for now, agrees to review

The Supreme Court on Wednesday agreed to review President Donald Trump‘s effort to fire Federal Reserve Governor Lisa Cook, and will allow her to remain in her spot on the board until oral arguments can be heard in January, the court said — delivering a long-awaited update on a high-profile case, and one expected to have significant political and economic implications for the nation’s central bank.

The update comes roughly two weeks after Trump officials appealed the case to the high court for emergency review. 

Oral arguments are expected to be closely watched, given the unprecedented nature of the case, and the seismic shift that any ruling could have on U.S. economic decisions. 

In appealing the case to the Supreme Court, lawyers for the Trump administration argued that the Fed’s “uniquely important role” in the U.S. economy only heightens the government’s and public’s interest in reviewing the case.

COOK’S POTENTIAL EXIT HANDS TRUMP GREATER SWAY OVER FED BOARD SHAPING US MONETARY POLICY

“Put simply, the president may reasonably determine that interest rates paid by the American people should not be set by a governor who appears to have lied about facts material to the interest rates she secured for herself — and refuses to explain the apparent misrepresentations,” Solicitor General D. John Sauer said Thursday in the appeal.

The review of Cook’s case is significant. Trump’s attempt to fire Cook marked the first time in the bank’s 111-year history that a president has ever attempted to remove a sitting governor from Fed — a stridently independent body whose members are shielded by law against political pressures.

The court’s decision to take up the case comes weeks after U.S. District Judge Jia Cobb issued a preliminary injunction last month blocking Trump from firing…