Planet Money Lisa Cook and the fight for the Fed
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Aug 29, 2025 Tensions rise as President Trump makes a bold move against Lisa Cook, the first Black woman on the Fed Board, claiming her removal. The podcast dives into the delicate balance between political influence and the Federal Reserve's independence, featuring insights from former governors. It discusses how this interference might reshape interest rates and monetary policy. Listeners are taken inside the Fed's governance structure, highlighting the importance of consensus and autonomy to prevent economic instability. The stakes are high for the future of monetary policy.
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Historian's Jolt From A Social Post
- Brendan Greeley noticed President Trump declared he had fired Fed governor Lisa Cook while procrastinating online.
- The moment felt disturbing and historically unprecedented to him as a longtime Fed watcher.
Firing A Fed Governor Is Legally Rare
- A president has never before fired a Fed Board governor and can do so legally only "for cause."
- Lisa Cook argues the mortgage-related allegations do not meet the legal standard for cause.
Fed Board's Formal, Rule-Bound Culture
- Betsy Duke and Alan Blinder described the Fed Board as buttoned-up, formal, and cautious about gatherings.
- They noted rules limiting more than three governors meeting informally to avoid creating a majority quorum.