WASHINGTON, D.C. (Michigan News Source) – The U.S. Supreme Court will allow Lisa Cook to remain as a Federal Reserve governor until it hears arguments in January over her firing by President Donald Trump.

At that time, the court will consider whether to block lower court rulings that favored Cook.

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The ruling came less than two weeks after a Fed meeting concluded with a one-quarter of a percentage point reduction in a key interest rate.

Cook’s ouster stemmed from mortgage fraud allegations. The Trump administration accused Cook of mortgage fraud because she appeared to claim two properties, in Michigan and Georgia, as “primary residences” in 2021 before she joined the Fed board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home.

Cook has denied the allegations despite video from journalist Charlie LeDuff showing renters living in Cook’s Michigan home.

In his Supreme Court filing for the Trump administration, Solicitor General D. John Sauer wrote, “… the President may reasonably determine that interest rates paid by the American people should not be set by a Governor who appears to have lied about facts material to the interest rates she secured for herself — and refuses to explain the apparent misrepresentations.”