On Wednesday, the Court announced that the application for stay referred to them by The Chief Justice is deferred until oral argument in January 2026.
This decision marks a setback for Trump in his dispute with Cook, as a federal appeals court denied his attempt to block her from participating in the Federal Open Market Committee (FOMC) meeting back in September. Trump has been pressuring the Fed, particularly Chair Jerome Powell, to cut rates. The Fed did lower its benchmark interest rate by 25 basis points in September, with Stephen Miran, appointed by Trump, being the only member to vote for a 50 bps cut.
Allegations of mortgage fraud have been made against Cook by Trump and other officials, including Federal Housing Finance Agency (FHFA) Director Bill Pulte. Pulte sent criminal referrals to Attorney General Pam Bondi regarding Cook’s property purchases in Michigan, Georgia, and Cambridge, Massachusetts, claiming she misrepresented occupancy status to secure better mortgage terms.
These allegations led to Trump attempting to dismiss Cook “for cause,” which resulted in Cook suing Trump for unlawful removal under the Fed’s charter. The Department of Justice has since opened an investigation into whether Cook misrepresented property occupancy to obtain favorable mortgage terms.
