Federal Reserve Governor Lisa Cook and attorney Abbe Lowell leave the U.S. Supreme Court Wednesday in Washington, D.C. (Getty Images)
Cook’s statement, released shortly after arguments concluded, capped a day in which justices weighed the unprecedented question of whether a president can fire a sitting Federal Reserve governor "for cause" and what process, if any, must accompany such a move.
The case is the first attempt by a president to fire a sitting Fed governor in the 112-year history of the nation's central bank.
Justices on the high court did not seem inclined to side with Trump's request to immediately remove Cook from her post as arguments wrapped.
They cited concerns not only about a lack of process and the precedent that could be created by her firing, including the notion of at-will removal, but also on the importance of protecting the independence of the Fed.
Justice Amy Coney Barrett cited issues with "public confidence," should Trump be cleared to fire a sitting Fed governor without fully explaining or justifying the reasons.
LAWYERS FOR COOK, DOJ TRADE BLOWS AT HIGH-STAKES CLASH OVER FED FIRING
The U.S. Supreme Court is reflected in Washington, D.C. (Stefani Reynolds/AFP)
Though Trump administration officials have framed the case as narrowly focused on Cook’s removal, the oral arguments were widely expected to be closely watched by major players in financial markets, as several justices noted.
The short-term ripple effects could be felt sooner than later. The next Federal Open Market Committee meeting is slated for later this month, and Cook, barring any eleventh-hour intervention from the high court, will otherwise participate in the meeting as normal.
The fight over Cook's status is part of a bigger clash looming between Trump and the Fed.
It comes as Trump has repeatedly assailed Fed Chair Jerome Powell and other members of the central bank, criticizing its reluctance to lower benchmark interest rates as aggressively as he would like, deepening the fast-growing fault lines that have routinely pitted Trump against Fed leaders.
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Powell said the agency was subpoenaed by the Justice Department last week over allegations that he lied to Congress about the costs of a massive renovation of its headquarters.
Powell also attended Wednesday's hearing in a show of support for Cook.
Breanne Deppisch is a national politics reporter for Fox News Digital covering the Trump administration, with a focus on the Justice Department, FBI and other national news. She previously covered national politics at the Washington Examiner and The Washington Post, with additional bylines in Politico Magazine, the Colorado Gazette and others. You can send tips to Breanne at Breanne.Deppisch@fox.com, or follow her on X at @breanne_dep.
https://www.foxnews.com/politics/feds-cook-doubles-down-her-role-after-scotus-wraps