What else do we know about this ruling. Well, it's really interesting to read the judge's opinion on why he decided to keep Lisa Cooke as a Federal Reserve governor while they consider the merits of the case. He said in his opinion that it's only Cook's conduct on the job that's grounds for removal.And given the alleged mortgage fraud actually took place a year before she was a sitting Fed governor, he's ruling essentially that Trump likely does not have cause for her dismissal. But this is a really importa ...

We have now official confirmation that Lisa Cook has sued the president to keep her job at the Federal Reserve. The details of the lawsuit haven't yet been placed on the court's computerized system, but as soon as we have that, we will get more for you on exactly the grounds on which she is suing. But she has sued the president over his move to dismiss her from the Fed as uh they said she would.And Mike, I mean, bring us up to speed. give us the context for what we're talking about here. We know that of cou ...

I do want to talk not so much about the veracity of the claims against Lisa, but more about the veracity of whether there is indeed cause for the president to remove her. Yeah. And that's the main legal issue here because because the Federal Reserve Act says that the president can remove a Federal Reserve Board governor for cars, but the statute doesn't define or specify what clause means.So we have to look to some other statutes for other agencies that say clause generally means some sort of inefficiency, ...

Legal & Regulatory Framework - The 1913 Federal Reserve Act restricts the US President's power to unilaterally dismiss Federal Reserve Board members [1] - The law stipulates that the President can only dismiss members "for cause" [1] - "For cause" is not defined in the law, but historically understood as malfeasance or dereliction of duty [1]

I did talk to the Treasury Secretary uh last week and uh he said uh he was going to be out of the country, but uh the Wall Street Journal broke the story up. I I guess uh I don't know where they got their info, but I did talk to him. Uh we had a brief conversation and uh I told them uh it didn't sound like they had a process locked down yet, but I I told him I'd be happy to uh you know proceed however they wanted to proceed.in terms of it it would be more um I guess vetting is that is that what is that what ...

Kevin, I think you intimated that it might be possible to fire uh uh Chair Pal. What what would be how does that how does that process work in your view. Well, again, we'll we'll see how the Fed responds to this incredible cost overrun.The bottom line is from from my perspective that when the Federal Reserve was created, we were under a gold standard. And the idea that the Fed could print money and then spend two and a half billion dollars on a building without real real congressional oversight, it didn't o ...