The Supreme Court ruled Monday that President Donald Trump does not have the authority to fire Federal Reserve Governor Lisa Cook from the central bank for now.

The court did not rule whether Trump ultimately will have the power to fire Cook or any other member of the Fed.

Instead, the 5-4 ruling rejected Trump’s bid to pause a lower federal court ruling that had prevented her from being terminated as her lawsuit challenging her dismissal proceeds. Trump had claimed he sought to fire Cook because of allegations she committed mortgage fraud, a claim she adamantly denied.

Chief Justice John Roberts wrote the opinion for the majority, which included his fellow conservative justice Brett Kavanaugh, as well as the court’s three liberal members, Elena Kagan, Sonia Sotomayor and Ketanji Brown Jackson. The four other conservative justices dissented.

The ruling came nearly nine months after Trump said he was firing Cook because she had been accused by a Trump-appointed official of committing mortgage fraud before becoming a Fed governor. The court ruled in the Cook case the same day it expanded presidential powers via a decision in a different case, affirming Trump’s firing of Federal Trade Commission Commissioner Rebecca Slaughter.

But she remained on the Fed’s Board of Governors since then, after a federal district court judge and then the Supreme Court blocked her removal pending the outcome of her lawsuit challenging Trump’s action.

Despite Trump’s claim that he wanted to remove Cook because of the mortgage fraud allegation, Cook and others believed he was motivated by her refusal to vote for interest rate cuts that the president demanded from the Fed in the first nine months of his second term in the White House.

Under the Federal Reserve Act, a president can remove a Fed governor only “for cause.”

“This was never about mortgage documents signed years before I became a Federal Reserve governor,” Cook said in a statement on Monday.

” It was an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people,” she said.

“That is the most fundamental obligation of a Federal Reserve governor. Today’s ruling affirms a principle that has underpinned sound economic stewardship for generations: that the Federal Reserve must make all its policy decisions guided by evidence and independent judgment, free from political interference. This bedrock principle has guided the Federal Reserve since its founding.”

The Supreme Court heard oral arguments in Cook’s case on Jan. 21. During the hearing that day, multiple justices expressed skepticism at arguments by a Justice Department lawyer that Trump had legal grounds to fire her.

Kavanaugh said the argument by the lawyer, Solicitor General D. John Sauer, that a president could fire any Fed governor for cause without being subject to review of that decision by a judge “would weaken, if not shatter, the independence of the Federal Reserve.”

Cook is the first Black woman to serve as a Fed governor. An appointee of former President Joe Biden, she had denied the allegations of mortgage fraud, which were made last summer by FHFA Director Bill Pulte, who later filed criminal referrals against her with the Justice Department.

Pulte, who is now also the director of national intelligence, in a statement after Monday’s ruling, stood by his accusations.

“As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud,” Pulte said in a post on X.

– Luke Fountain contributed to this report.

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