Chris Rugaber

The idea behind the Fed is that it has some insulation, not complete insulation, but some insulation from political pressure.

So it can do unpopular things like raise interest rates in order to push back on inflation, which most elected officials don't want to do because higher interest rates makes mortgages more expensive, car loans more expensive.

And so it's hard for anyone who's facing election to want to do that.

This is an unprecedented move by President Trump to remove a Fed governor.

It's not happened in the Fed's 112-year history.

So the argument is that the court should maintain the status quo while this case then plays out in the courts.

You're seeing a sign of what the Trump administration might do if they are able to remove people for cause.

They would then maybe use this building renovation.

They would remove the chair and they would possibly find reasons to fire other people.

Some analysts say that the move against Powell made it more likely that Cook would win her case, at least temporarily, because, again, it shows how far things might go if you allow the Trump administration to remove people for cause.

I actually think that's a mistake, because if you're trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake.

There's a separate term he has as a governor, a member of the seven-member governing board, and that goes until 2028, January 2028.

He could remain on the board for that time, and then that would deny the Trump administration an opportunity to fill the seat.

Most people expected that he was going to step down until this subpoena came out a little more than a week ago.

Now the expectation, I mean, no one knows, but now it's seen as at least somewhat more likely that he may stay on the board.

So why are we here?

When a child is in danger and calls 911, we have the right to expect a response.