The first Black woman ever appointed to the Board of Governors of the U.S. Federal Reserve (the Fed), Lisa Cook now finds herself at the center of an unprecedented showdown with the White House. Accused of misconduct by Donald Trump, she is fighting to keep her seat, and, beyond that, to defend the central bank’s independence from political pressure.
A Fed governor under presidential attack
Since returning to the White House in January, Donald Trump has set out to reshape key institutions in line with his political agenda, and the Fed, which is tasked with setting interest rates independently, is no exception. In late August, the U.S. president announced his intention to dismiss Lisa Cook, accusing her of “lying to banks” in mortgage applications by claiming two separate homes as her primary residence.
Appointed by Joe Biden, Cook immediately took legal action to challenge her removal. A court battle is now underway, with Trump seeking to bar her from participating in monetary policy meetings. “President Trump lawfully removed Lisa Cook from the Federal Reserve Board of Governors for cause,” a White House spokesperson told AFP, promising a “definitive victory” before the Supreme Court. But the nation’s highest court declined to rule on the matter urgently, allowing Lisa Cook to remain in office at least until January 2026.
Lisa Cook’s case crystallizes a fundamental institutional issue: how far can a president go in trying to influence an entity meant to operate independently of political swings ? Fed governors serve long, 14-year terms precisely to safeguard that independence. Cook’s term runs until 2038.
For her supporters, Trump’s allegations are merely a “pretext” to free up a strategic seat at the central bank and replace her with an ally favorable to his low-interest-rate agenda. The Fed itself has simply stated it will comply with any court ruling, refusing to comment on a case that puts its autonomy to the test.
“It would threaten the Fed’s independence”
Last week, several former Fed chairs and ex-Treasury secretaries filed a brief with the Supreme Court, warning that if Lisa Cook’s dismissal were upheld, “it would threaten the independence of the Federal Reserve and the public’s confidence in it.”
Beyond the legal battle, Lisa Cook now embodies the resistance of both an institution, and a woman, against an attempt at political control. Her fight extends far beyond her own career: it raises the question of whether an independent central bank can survive in a democracy increasingly consumed by polarization.