Supreme Court denies Trump emergency motion to fire Lisa Cook from the Fed — for now

The Supreme Court appears to have temporarily settled the fight between the Federal Reserve and the Trump administration until next year.

President Donald Trump appealed to the Supreme Court to allow him to fire Lisa Cook, a Federal Reserve governor, over allegations of mortgage fraud that she has denied. On Wednesday the court denied the emergency appeal and said it would fully consider the case in January.

'I tried being nice to the guy. It doesn't help. He's a knucklehead. Stupid guy.'

The court did not explain the rationale behind the decision, nor did it document any dissents.

"President Trump lawfully removed Lisa Cook for cause from the Federal Reserve Board of Governors," said Kush Desai, a spokesperson for the White House. "We look forward to ultimate victory after presenting our oral arguments before the Supreme Court in January."

Cook has been accused of lying in applications for mortgages on homes she owns in Michigan and Georgia. She has not been legally charged in connection with the claims.

"When someone commits mortgage fraud, they undermine the faith and integrity of our System. It does not matter who you are — no one is above the law," said Federal Housing Finance Agency Director Bill Pulte in August. "We have sent a Criminal Referral to the Department of Justice with regard to the allegations against Ms. Cook, and the DOJ should go wherever the facts may lead them."

The president has the power to fire Fed governors for cause, but no president has done so in the 112-year history of the institution.

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Trump has been hammering away at Federal Reserve Chairman Jerome Powell for not lowering the interest rate, which would likely lower mortgage interest rates. Critics of the president say the accusations against Cook are being pursued only to install a Trump-friendly governor in her place to do his will.

"I tried being nice to the guy. It doesn't help. He's a knucklehead. Stupid guy. He really is," said Trump about Powell in July.

The feud between Powell and Trump may have eased after the Fed voted to lower interest rates by 25 basis points and signaled that more cuts were coming. Cook is the first black woman to become a Federal Reserve governor.

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