Supreme Court of the United States
Trump v. Cook
June 29, 2026146 S.Ct. 2234
Summary
Chief Justice Roberts, joined by Justices Sotomayor, Kagan, Kavanaugh, and Jackson, denied the Government’s application to stay the preliminary injunction protecting Federal Reserve Governor Lisa Cook from removal. The Court held that presidential determinations of cause are judicially reviewable, that cause requires a substantial justification reflecting the Federal Reserve’s independence, and that interim equitable relief is available. It concluded that Cook’s removal was invalid because the Federal Reserve Act required notice and an opportunity to respond before termination, without deciding her constitutional due process claim or whether the underlying allegations ultimately justify removal. The Court also upheld the constitutionality of the Federal Reserve’s existing removal protections. Justice Kavanaugh concurred separately to emphasize the unresolved factual questions and the importance of settling the Federal Reserve’s constitutional independence. Justice Jackson concurred separately, concluding that the equities independently required denying a stay. Justice Thomas dissented, disputing the statutory process requirement, the constitutionality of removal restrictions, and judicial authority to grant relief. Justice Alito, joined by Justice Gorsuch, dissented because he would confine review to the grounds addressed below, find those grounds erroneous, and grant a stay. Justice Barrett dissented, criticizing the opinion’s breadth and concluding that the injunction improperly barred removal for the alleged mortgage fraud even after adequate process.
Holding
- Judicial review of cause for removal. The President’s determination that cause exists to remove a Federal Reserve Governor is subject to judicial review.
- Substantive meaning of cause. Cause requires a substantial justification reflecting the Federal Reserve’s distinctive independence, rather than any presidential concern about an officer; it is not categorically restricted to misconduct occurring in office.
- Availability of equitable proceedings and interim relief. Cook may pursue an equitable challenge without an expressly provided statutory cause of action, and a court may preserve a Governor’s position during removal litigation when the requirements for a preliminary injunction are otherwise satisfied.
- Statutory pretermination process. A Federal Reserve Governor is entitled to notice of the charges and an opportunity to respond before removal.
- Constitutionality of Federal Reserve independence. The Federal Reserve’s current structure, existing enforcement authorities, and for-cause protection for Governors are constitutional.
- Adequacy of Cook’s process and entitlement to a stay. Cook did not receive the process required by statute, and the Government therefore failed to establish likelihood of success sufficient for a stay.
Docket 25A312