President Donald Trump’s attempt to remove Federal Reserve Governor Lisa Cook is now before a federal court in Washington, where Judge Jia Cobb heard more than two hours of arguments and took the matter under advisement without issuing a ruling. Cook is seeking an emergency order to remain on the Board of Governors while she challenges the firing; the court set a brisk briefing schedule with filings due after Labor Day. No president has previously removed a Fed governor, and both sides acknowledged the dispute could reach the Supreme Court. The Fed has told the court it will abide by any order and noted the need for a prompt resolution.
