**As of early September 2026, Lisa Cook remains a sitting Federal Reserve governor following the Supreme Court’s 5-4 June 29 ruling that blocked President Trump’s 2025 attempt to remove her for alleged pre-appointment mortgage fraud.** The decision emphasized statutory “for cause” protections unique to the Fed, requiring notice and an opportunity to respond before any termination, distinguishing the central bank from other independent agencies. Trump renewed efforts in early August 2026 by issuing formal notice and setting an August 26 response deadline, but litigation continues in lower courts with no final resolution on the underlying allegations or removal authority. Cook’s 14-year term extends to 2038, and trader sentiment on removal timelines reflects the procedural hurdles, Fed independence precedent, and the time required for due-process compliance or further appeals. Key upcoming catalysts include lower-court proceedings on “cause” standards and any new administration actions meeting the Court’s procedural requirements.