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Elizabeth C. Tippett, Associate Professor of Law, University of Oregon

How the Supreme Court might protect the Fed’s independence by using employment law in Trump v. Cook

Federal Reserve Board member Lisa Cook leaves the U.S. Supreme Court on Jan. 21, 2026, after oral arguments in Trump v. Cook. Kevin Dietsch/Getty Images

Most of the Trump administration’s legal disputes involving the firing of high-level officials deal with the scope of presidential power.

On Jan. 21, 2026, the U.S. Supreme Court heard oral arguments in one of the most significant cases of this kind to date. It was brought by Lisa Cook, a member of the Board of Governors of the Federal Reserve. The Fed serves as the U.S. central bank and sets monetary policy – including a key interest rate that influences borrowing costs.

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