00:00Let's start with Lisa Cook. What has the Supreme Court decided?
00:03Basically, the Supreme Court is carving out an exception for the Federal Reserve
00:07in the powers that the president has to decide who runs or who can be on these boards.
00:14The administration tried to fire, the president tried to fire Lisa Cook
00:18because it was alleged that she had committed mortgage fraud,
00:23and there's no proof or evidence of that.
00:25She sued to be able to stay on the job while the courts were deciding
00:32whether or not she committed any kind of crime,
00:35and it's made its way all the way to the Supreme Court.
00:37The Supreme Court now says that she can stay because if the administration's argument
00:44had been accepted, it would transform the Federal Reserve's for-cause protection
00:49into an at-will employment, which is a leap out of step with the statute
00:54that Congress enacted in forming the Federal Reserve,
00:59and it would make the nation's tradition of central banking
01:03no longer protected from political interference.
01:06So the court upholds Lisa Cook's ability to stay in her job.
01:12Now, this could still go through court if the administration wanted to pursue it
01:16and try to find her guilty of something and then get her out of there.
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