President Trump has pursued the removal of Federal Reserve Governor Lisa Cook since August 2025, citing mortgage fraud allegations from a Federal Housing Finance Agency referral, while Cook and her attorneys maintain the claims are baseless and lack valid cause under the statute requiring for-cause removal to protect central bank independence. The Supreme Court’s 5-4 June 2026 ruling blocked an immediate firing on procedural grounds but explicitly left room for renewed efforts with proper notice and opportunity to respond. In August 2026 the White House issued such a notice letter giving Cook 21 days to reply, and litigation over subsequent attempts has continued through appeals court rulings into late September. Cook’s term runs until 2038, and traders are assessing the timeline and legal thresholds for any further presidential action amid broader debates on executive authority over independent agencies.