Supreme Court allows the Fed's Lisa Cook to stay in office for now as Trump pushes to fire her

The Supreme Court will consider President Donald Trump's attempt to fire Federal Reserve board member Lisa Cook.

WASHINGTON — The Supreme Court on Wednesday deferred action on whether President Donald Trump can immediately fire Federal Reserve board member Lisa Cook, instead agreeing to hear oral arguments in the case early next year.

The move means that Cook can remain in office while the consequential legal question is decided. The court will hear oral arguments in January, the brief order said, with a ruling likely before the end of June.

Trump had asked the court to allow him to immediately fire Cook while litigation continued in lower courts. The court’s move indicates that there was not a majority to grant that request, at least for now.

Under the Federal Reserve Act, presidents are restricted from removing governors unless it is “for cause,” meaning there is evidence of wrongdoing.

Trump has said he fired Cook for cause, over allegations of mortgage fraud made by one of his political appointees, Federal Housing Finance Agency Director Bill Pulte. Cook has denied the allegations, and bank documents obtained by NBC News appear to contradict the fraud claim.