Cook will remain on the job until the court holds oral arguments – set for January – and decides what to do with the president’s appeal. Meanwhile, White House spokesperson Kush Desai told CNN in a statement: “President Trump lawfully removed Lisa Cook for cause from the Federal Reserve Board of Governors. Lawmakers attempted to create that independence by requiring a president to show cause – such as malfeasance – before firing its leadership, a practice the Supreme Court upheld in a key 1935 decision. The Federal Reserve cut its benchmark interest rate earlier this month for the first time since December and signaled more cuts are likely this year. The Supreme Court already agreed this term to hear arguments about the power of a president to fire leaders of independent agencies.