The U.S. Supreme Court will hear the case between former President Donald Trump and Federal Reserve Governor Lisa Cook on January 21, 2026. The legal battle began in August 2024 when Trump accused Cook of mortgage fraud and attempted to dismiss her, challenging the independence of the Federal Reserve. A district court previously ruled in favor of Cook, prompting Trump to appeal to the Supreme Court. Legal experts suggest the case could significantly impact presidential authority over the Federal Reserve, with former Cleveland Fed President Loretta Mester describing it as a 'very serious threat' to the Fed's independence.