The Supreme Court blocked Trump's attempt to remove Lisa Cook, the first Black woman to serve on the Federal Reserve board, in a 5-4 decision. Cook will remain as a Fed governor while her lawsuit challenging the removal proceeds — a significant setback for Trump, who had alleged she committed mortgage fraud. The ruling also carves out the Federal Reserve as an exception to broader recent Supreme Court decisions expanding presidential power to remove executive regulators. This protects the Fed's independence from direct presidential control while the legal battle continues.