AI Summary
5 min readThe Supreme Court ruled Monday that President Trump cannot fire Federal Reserve Governor Lisa Cook without cause, delivering a 5-4 decision that Chief Justice John Roberts wrote as a defense of the central bank’s independence. The ruling blocks Trump’s attempt to remove Cook, whom he accused of mortgage fraud based on a claim by a top housing official that she had misrepresented which of two homes was her primary residence. Cook was never charged with a crime, and critics saw the firing as a pretext—Trump had been frustrated that the Fed would not lower interest rates as he wanted. Roberts wrote that due process matters: Cook never had a chance to explain what happened, and allowing a president to cite any reason to fire a Fed governor would turn those officials into people serving at the president’s will. “That is not the standard that we have for the Federal Reserve,” WSJ Chief Economics Correspondent Nick Timiraos said.
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What you'll learn
- 1 (00:19) **Supreme Court Blocks Trump’s Firing of Fed Governor Lisa Cook** - The 5-4 ruling protects Fed independence by requiring due process for removing board members.
- 2 (02:50) **Ruling Strengthens Fed Chair Kevin Warsh’s Position** - Trump’s own pick benefits from the decision, as it limits presidential pressure on the chair.
- 3 (03:20) **Separate FTC Ruling Shows Fed’s Unique Protections** - The court upheld Trump’s firing of FTC Commissioner Rebecca Slaughter, distinguishing the Fed’s stronger independence.
- 4 (04:12) **Surprising 5-4 Coalition and Unresolved Issues** - Roberts, Sotomayor, Kagan, Kavanaugh, and Jackson formed the majority; Barrett was the expected sixth vote.
- 5 (05:02) **Supreme Court Upholds Mississippi Mail-In Ballot Grace Period** - A 5-4 decision backed state laws counting mailed ballots received after election day if postmarked on time.
- 6 (05:25) **Supreme Court Declines Trump’s Appeal in E. Jean Carroll Case** - The court leaves intact a $5 million jury verdict for sexual abuse and defamation.
- 7 (05:42) **Stocks Rally, Breaking Tech Rout** - The Nasdaq jumped over 2%, and the S&P 500 gained 1.2%, ending five-session losing streaks.
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Guests on this episode
Show Notes
P.M. Edition for June 29. The Supreme Court has ruled that President Trump can’t fire Fed governor Lisa Cook. Journal chief economics correspondent Nick Timiraos discusses how the decision gives Federal Reserve Chairman Kevin Warsh more room to operate independently of President Trump. Plus, Comcast is splitting its media and connectivity businesses. We hear from WSJ deputy media editor Jessica Toonkel about what’s behind the NBCUniversal spinoff and how it could lead to more M&A. And it’s been about 100 days since Josh D’Amaro took over as the CEO of Disney. WSJ entertainment reporter Ben Fritz walks us through how D’Amaro is reorganizing the company around streaming. Alex Ossola hosts.
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