CNBC's Eamon Javers reports on the White House's response to news that the Supreme Court will allow Federal Reserve Governor Lisa Cook to remain in her post pending oral arguments in January on whether President Donald Trump has legal cause to fire her.

Washington

The Supreme Court has ruled that Lisa Cook will stay on the Federal Reserve Board for now, despite an attempt by President Trump to remove her for cause. The White House maintains that the removal was lawful and looks forward to presenting its case before the Supreme Court in upcoming oral arguments.

This decision ensures Cook's continued service until at least the scheduled arguments, with a final decision potentially taking months. The case raises significant questions about the president's authority to remove Federal Reserve officials and the independence of the central bank, marking a notable legal test for both the Supreme Court and the Federal Reserve.

Supreme Court allows Fed's Lisa Cook to keep job for now

Yes, Sarah, we're getting a reaction now from the White House to that Supreme Court decision to allow Lisa Cooke to stay on the Federal Reserve Board. The White House says President Trump lawfully removed Lisa Cooke for cause from the Federal Reserve Board of Governors. We look forward to ultimate victory after presenting our oral arguments before the Supreme Court in January. That's a statement from White House spokesperson. So look, the White House is asserting that they were right to do what they did and they're gonna have it out in front of the Supreme Court. But this delay now means that Cooke will serve at least until January on the on the Federal Reserve Board. And then there'll be these arguments in front of the court about what for cause means, what the president's authority ultimately is, how independent is the Federal Reserve after all of that uncharted territory for the Supreme Court, for the United States generally, and whether and really the first test at this high level of the existence of the Fed as an independent body that's not subject to presidential political pressure. That all, you know, hangs in the balance here. And then the question is, how soon after those oral arguments would we get a decision on Lisa on Lisa Cooke by the Supreme Court? That could be months, guys. So we could be looking at quite a long time here as the court works through all these arguments and decides what kind of precedent it wants to set. And remember, Lisa Cooke has a 14 year term. So this could be, you know, months and months and months of legal wrangling before we get to any adjudication of it. We were, Eamon, we were spared some of the dark scenarios that we initially spun, for example, if she had been allowed to be fired by a lower court, left, and then later a higher court said she should have been reinstated, that lost time. At least the emergency docket did some work here this time. Yeah, in this case, you get some kind of continuity. It's not the continuity that the White House wants, but it's continuity that maybe markets like if you have to have one decision or the other, you want either a clean break or clear continuity of who actually is in that chair. So to that extent, I think, you know, the White House might be disappointed, but markets in the short term anyway might be happy with this outcome.

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