The Trump administration wants the authority to fire Lisa Cook, a Federal Reserve governor. Experts say that would undermine the independence of the central bank.

At issue are President Trump's efforts to break with 112 years of law and precedent by firing Lisa Cook, a member of the Federal Reserve's governing board.

The Supreme Court has temporarily blocked President Trump's attempt to fire Federal Reserve governor Lisa Cook, a move that critics say would have compromised the central bank's independence

The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now. In a brief unsigned order Wednesday, the high court said it would hear arguments in January over President Donald Trump’s effort to force Cook off the Fed board.

The Senate voted Monday to confirm Stephen Miran to the Federal Reserve Board. Miran, who has served in both Trump administrations, has said he will not resign from the White House but take a leave of absence, further stoking concerns about its independence.

The White House insists President Donald Trump “lawfully removed” Federal Reserve Gov. Lisa Cook despite a Tuesday court ruling she can remain in her position while she fights efforts to fire her. 

The Justice Department has issued subpoenas as part of an investigation into mortgage fraud allegations against Lisa Cook, who is fighting a Trump administration effort to remove her from her role as a Federal Reserve Governor. 

Lisa Cook is challenging the president's attempt to remove her from office based on what she says is "an unsubstantiated allegation" of mortgage fraud prior to her Senate confirmation as governor.

Republicans boycotted a meeting of the Senate Banking Committee Tuesday, delaying a vote on five nominees to the Fed's board. The move was aimed at one nominee: Sarah Bloom Raskin.

Former Treasury official Sarah Bloom Raskin and economists Lisa Cook and Philip Jefferson are the three nominees Biden announced for the Fed board on Friday.