Federal Reserve Governor Lisa Cook is fighting a Trump administration attempt to remove her from her post before a crucial interest rate vote. A lower court ruled the administration hadn't met the legal standard for removal, but the administration appealed and requested an emergency stay. Cook's lawyers argue removing her would jeopardize the Fed's independence and the economy. The appeals court will decide whether to grant the stay before the Fed's meeting, with the possibility of further Supreme Court intervention. The dispute centers on allegations of mortgage fraud before Cook joined the Fed.

Prepared by Lauren Mitchell and reviewed by editorial team.