Latest / THE DAILY BRIEF / Supreme Court ruling proves Federal Reserve is unique agency, Lisa Cook's lawyer says

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Supreme Court ruling proves Federal Reserve is unique agency, Lisa Cook's lawyer says · THE DAILY BRIEF

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  Speaker 1: For more on today's ruling that blocked President Trump from
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  Speaker 1: firing Federal Reserve Governor Lisa Cook. We are joined now
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  Speaker 1: by Cook's lead council Abbi Lowell. Welcome to the News Hour.
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  Speaker 2: That's good to be here.
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  Speaker 1: So what was your reaction when you read the Supreme
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  Speaker 1: Court's decision today? What's set out to you most well?
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  Speaker 3: I mean, the first reaction was one of joy and
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  Speaker 3: a relief and a little bit of optimism that in
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  Speaker 3: the midst of what is a power grab by this
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  Speaker 3: administration and this president, there are some walls left that
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  Speaker 3: he cannot get over.
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  Speaker 1: The Court decided this on narrow procedural grounds, rather than
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  Speaker 1: ruling directly on whether a president can never remove a
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  Speaker 1: Federal Reserve governor. So why is that a victory rather
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  Speaker 1: than a deferral of the core question?
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  Speaker 3: There are two reasons why it is a victory to
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  Speaker 3: begin with. They just didn't simply say this is a procedural,
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  Speaker 3: go back and do it. It gave some parameters as
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  Speaker 3: to what happens. Remember that this went to the Supreme
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  Speaker 3: Court on an emergency docket basis to stop an injunction
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  Speaker 3: that we.
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  Speaker 2: Got in the district court.
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  Speaker 3: Costs there have been so many of those that the
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  Speaker 3: Supreme Court has been willing to overturn. The fact that
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  Speaker 3: ours stands strong has to be seen by anybody as
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  Speaker 3: a victory.
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  Speaker 2: That's one.
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  Speaker 3: And as I said, the second reason is it's not
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  Speaker 3: just okay, we saw it, you did it wrong, Go
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  Speaker 3: do it better. There are words in this statute that
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  Speaker 3: should make it very much more difficult for the President
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  Speaker 3: to do what he's trying to do and to infuse
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  Speaker 3: politics into the Federal Reserve.
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  Speaker 1: Well, it speaks to the constitutional status of the Federal
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  Speaker 1: Reserve going forward.
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  Speaker 2: It does so.
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  Speaker 3: Again, I realized that today was also the decision about
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  Speaker 3: other independent agencies, and this is a super independent agency.
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  Speaker 3: The Court made very clear something that we've put forward
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  Speaker 3: from the beginning, which is in American history and in
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  Speaker 3: the law, the Federal Reserve Board stands unique. Having said that,
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  Speaker 3: this decision also points out things that others can use.
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  Speaker 3: It does define what du process means about notice and
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  Speaker 3: an opportunity to be heard, and at least in terms
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  Speaker 3: of this next chapter, it points out some parameters of
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  Speaker 3: what cause can be and what it cannot be.
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  Speaker 1: The same court that protected Lisa Cook upheld President Trump's
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  Speaker 1: firing of the FTC Commissioner Rebecca Slaughter and expanded his
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  Speaker 1: authority over other independent government agencies. How should we understand
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  Speaker 1: that ruling.
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  Speaker 2: In terms of both You have to understand them together.
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  Speaker 2: I think so. Look, we now can predict.
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  Speaker 3: Unfortunately, many of the votes that take place on this
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  Speaker 3: nine members Supreme Court before a word is uttered or
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  Speaker 3: any opinion is written, and that remained to be the case. Unfortunately,
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  Speaker 3: in my opinion in the FTC Slaughter case, what it
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  Speaker 3: means is that this Court is not about to be
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  Speaker 3: all it can be to put a check in balance
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  Speaker 3: on another branch of government, which I and others believe
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  Speaker 3: is what the founders wanted.
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  Speaker 2: And remember this was not just the Court and the President.
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  Speaker 3: It was Congress that created these independent agencies, and Congress.
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  Speaker 2: Should have a say as well.
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  Speaker 3: So when they established it, we think the president, I
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  Speaker 3: think the president that applied to the Slaughter case.
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  Speaker 2: Was one that should have been prevailed and not overruled.
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  Speaker 3: Said remember again, in the midst of all federal agencies,
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  Speaker 3: the Federal Reserve stands alone. It is an agency, but
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  Speaker 3: it also is the US Bank, and it also has
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  Speaker 3: a history unlike any other agency going back to the
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  Speaker 3: founding of our country, and what today was was the
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  Speaker 3: Court made very clear to this president and to every
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  Speaker 3: president that comes after that this is a unique agency
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  Speaker 3: for which if you're going to try to do something wrong,
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  Speaker 3: you're going to be hiled to a much higher standard.
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  Speaker 1: And yet the president says he's pushing forward. After the ruling,
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  Speaker 1: President Trump wrote on truth Social that the case was
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  Speaker 1: decided on a strictly procedural basis, and he vowed to
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  Speaker 1: take appropriate action immediately to remove doctor Cook from the board.
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  Speaker 1: So what's your response to that and what options, if any,
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  Speaker 1: does the government have left.
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  Speaker 3: My response is to thank President Trump again for whenever
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  Speaker 3: there could be any doubt that his motives are wrong,
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  Speaker 3: that the action he's going to take is improper, or
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  Speaker 3: that he is not going to conform to the basis
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  Speaker 3: of the Supreme Court's decision. It took come minutes like
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  Speaker 3: a child who's been disappointed by losing a game to
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  Speaker 3: go and say something about, oh, I'm still tougher than
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  Speaker 3: the next person. That said, what he has done in
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  Speaker 3: his immediacy is point out that if he thinks that
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  Speaker 3: whatever he's going to give now is process, he has
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  Speaker 3: undermined that by what he said, and if he's going
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  Speaker 3: to try to come up with some other pretext for
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  Speaker 3: what happened to be true cause to remove this governor,
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  Speaker 3: he has undermined that as well.
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  Speaker 1: So the court in leaving doctor Cook in her position
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  Speaker 1: while the underlying litigation continues, what happens next procedurally.
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  Speaker 3: So what happens next is that the court has made
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  Speaker 3: its ruling, the case still exists in the district court
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  Speaker 3: that gave us our injunction. Remember the other side of
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  Speaker 3: the coin of the emergency Docke, it is when the
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  Speaker 3: Court of Appeals or the Supreme Court doesn't stop something
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  Speaker 3: from happening. It continued on. So remember, for all those
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  Speaker 3: who are paying attention, President Trump purported.
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  Speaker 2: To fire doctor Cook.
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  Speaker 3: Now nine months ago, maybe longer, and she has been
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  Speaker 3: of the very active and appropriate member of the board
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  Speaker 3: ever since. So what happens now we go back to
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  Speaker 3: the district court and continue to prove that the President
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  Speaker 3: was wrong and the Federal Reserve Board governor was right,
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  Speaker 3: and the Federal Reserve Board is a unique agency for
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  Speaker 3: which politics should not invade abby lol.
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  Speaker 1: Thanks again for joining us this evening. We appreciate it.
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  Speaker 2: It's my pleasure to.
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  Speaker 4: Be here.
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• 5:41
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