Howard Schneider

It's not a purely executive branch body.

It's not a purely

legislative branch body.

It's its own kind of thing.

A lot of people read that to say that the Supreme Court does intend to provide some sort of carve out.

They've sided with the executive branch with Trump in removing people from other independent agencies, quote unquote,

Keep in mind, they could just kick this all back to the district court.

That's probably as good as losing for Trump because you've now got Lisa Cook on the Board of Governors for however many months or years it takes for that process to sort of work its way up through.

You don't protect the people!

Usually when the chair turns over, when the four-year term ends, unless they're reappointed, which Powell will not be in this case, the chair also clears out of their board seat.

It's kind of in the spirit of democratic transition.

And you know what?

They get to pick a chair.

The new president gets to pick a chair.

No reason for me to hang around.

It's worked that way since the 1950s.

But this has not been a normal relationship.

And what happened over the weekend, last Friday in particular, with the Fed being subpoenaed, has kind of raised the stakes all around.

And folks who are sort of thinking through the possibilities now here are wondering, well, is he going to walk away from this under a cloud?

Is he going to walk away from this institution if he thinks