Insight &amp; analysis on the White House and Capitol Hill. Watch Joe and Kailey LIVE every day on YouTube: http://bit.ly/3vTiACF. A closely divided US Supreme Court reinforced the Federal Reserve’s independence from the White House, protecting governors from being fired by the president without proof of wrongdoing. The Fed shield came even as the court in a separate ruling Monday expanded the president’s power to fire top government officials at other federal agencies in a blockbuster ruling that overturns a 91-year-old precedent. Voting 5-4, the high court said Fed Governor Lisa Cook can stay in her job while she fights Trump’s bid to oust her over unproven mortgage fraud allegations. Writing for the majority, Chief Justice John Roberts pointed to what he said was a long tradition of keeping the Fed’s exercise of monetary policy independent from the White House. Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with: Bloomberg Washington Correspondent Tyler Kendall. Former Acting White House Chief of Staff Mick Mulvaney. Stonecourt Capital Partner Rick Davis and Hicks Evaluation Group CEO Fredrick Hicks. Constitutional Accountability Center President Elizabeth Wydra. Bloomberg International Economics and Policy Correspondent Michael McKee. Republican Congresswoman Nicole Malliotakis of New York. See omnystudio.com/listener for privacy information.

Cook Stays at Fed But Trump Wins Power Over Other Agencies

Balance of Power

# Full Transcript

**Podcast:** Balance of Power

## Transcript

At Duke Energy, we're making smart investments to add enough capacity to power 10.5 million more homes over the next five years. It's all part of our commitment to deliver the reliable energy America needs. Learn more at duke-energy.com slash poweringamerica. Bloomberg Audio Studios, podcasts, radio, news. You're listening to the Bloomberg Balance of Power podcast.

Catch us live weekdays at noon and 5 p.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube. Thank you for joining us. I am Joe Mathieu in Washington. Kailey Leinz is off today and it has been a very busy one. If you look at the president's schedule, he's got a lot going on, not a lot of specifics, but policy meetings and executive time, as they call it. All of them are closed press.

But we've heard from Donald Trump repeatedly today on social media and mostly since 10 a.m. when the Supreme Court began a series of rulings, many of which we have been waiting weeks and months for, including a ruling on Lisa Cook. And the president has been quick to acknowledge many of these on social media since they first dropped. First of all, we'll get to the headlines. Lisa Cook can keep her job for now.

We did learn that shortly after 10 a.m. That does not mean she will always have it as the court also allows some time for this period to expire here in the investigation into her alleged mortgage fraud that brought us to this point. Until that cause is determined, though, she will be able to keep her job. With the president writing on Truth Social, the Cook lawsuit having to do with her suitability in sitting on the board of the Federal Reserve was sent back by the Supreme Court on a strictly procedural basis.

He says we will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the welfare of the United States of America. And the president writes that while the court rules simultaneously that his power to fire top government officials is, in fact, being expanded in the eyes of the court, a 6-3 decision overturning a 1935 precedent laying the legal groundwork for what we consider the modern

administrative state. This is the Rebecca Kelly Slaughter case, FTC, allowing the president to fire the FTC member despite a law saying commissioners can be removed only for cause. We get to the bottom of all of this now ahead of a busy hour with Tyler Kendall, our Washington correspondent who's typically posted up at the White House, has gone to the other end of Pennsylvania Avenue to the Supreme Court to bring us the latest on all of this.

Tyler, walk through these decisions and what this specifically means for Lisa Cook as the investigation continues. Well, Joe, these are two very highly consequential decisions, but neither was necessarily surprising, right? We...

Cook Stays at Fed But Trump Wins Power Over Other Agencies

Transcript

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Every day you wait, your competitors are finding
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Cook Stays at Fed But Trump Wins Power Over Other Agencies

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.