Ryan

Okay.

Powell says this is perhaps the most important legal case in the Fed's 113-year history.

So he had a front row seat to it.

And the history of this is, so Lisa Cook is a Federal Reserve governor.

She's still a governor.

So she voted in favor of stabilizing rates.

She was one of the 10.

So she's still voting.

But in August 2025, Trump tried to remove Lisa Cook from the FOMC and alleged mortgage fraud in her past.

Said she shouldn't be on the Fed because she has mortgage fraud in her past.

Now, the federal law that governs this says you can only fire a Fed governor for cause, right?

So this is Trump saying, well, we have cause.

It's mortgage fraud.

Cook is saying that's not true.

There's like, that's a allegation that needs to be proven in court.

And so I guess she won part of her case in a lower court and the lower court issued a injunction, preliminary injunction preventing her firing.

That's why she could still vote.

That's why she's still on the board.

Now this case is going to the Supreme Court.

And it's really the Supreme Court has to decide whether the president's firing can stand, whether this justified the cause or not.