Lisa Cook's ascension to the Federal Reserve was historic from the start. Appointed by former President Joe Biden in 2022, she became the first black woman to serve as a governor on the Fed board — a seven-member panel that sets national interest rates and oversees the banking system.Now, she stands at the center of another historic moment, as the Supreme Court ruled Monday against President Donald Trump's effort to fire her, preserving long-standing protections around the central bank’s independence.TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORYPresident Donald Trump and Federal Reserve Governor Lisa Cook are shown side by side in this image.(Andrew Harnik/Al Drago/Getty Images)Cook's legal fight traces back to late August, when Trump said he was firing her from the Federal Reserve Board of Governors, the seven-member body that helps set monetary policy and oversee the U.S.
banking system.He alleged she misrepresented information tied to a trio of mortgages she obtained before joining the central bank.Cook has denied any wrongdoing and has not been charged with a crime.She sued Trump in federal court in Washington, D.C., to block her removal from the nation's most powerful central bank.
On Sept.9, a district court judge barred Trump from firing her while the case proceeds, a decision later upheld by a federal appeals court.A RARE FILING IN THE LISA COOK–TRUMP CASE COULD SWAY SUPREME COURT JUSTICESLisa Cook joined as a member of the Board of Governors of the Federal Reserve System in May 2022.
(U.S.Federal Reserve)Before joining the Fed board, the Oxford alumna and UC Berkeley-trained economist built a career in academia, including faculty roles at Harvard University and Michigan State University.A graduate of Spelman College, Cook has been described by American economist Barry Eichengreen as "part economist and historian," with command of several languages, including French, Russian, Spanish and Wolof — a widely spoken language...