The Fed's independence faces its biggest test yet.

In a letter posted to Truth Social on Monday night, President Donald Trump ordered the removal of Federal Reserve Governor Lisa Cook from her position for alleged mortgage fraud. Citing the Federal Reserve Act of 1913 and his powers under Article II of the Constitution, Trump stated that he was removing Cook “for cause.” Cook responded by saying that “no cause exists under the law” and that the president did not have the authority to fire her.

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• We’re excited to announce that our third installment of Tangle Live will be held on October 24, 2025, at the Irvine Barclay Theatre in Irvine, California. If you’re in the area (or want to make the trip), we’d love to have you join Isaac and the team for a night of spirited discussion, live Q&A, and opportunities to meet the team in person. You can read more about the event and purchase tickets here.

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Our Executive Editor and Founder is Isaac Saul. Our Executive Producer is Jon Lall.

This podcast was written by: Isaac Saul and edited and engineered by Dewey Thomas. Music for the podcast was produced by Diet 75.

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