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Trump's Historic Fed Firing

Trump's Historic Fed Firing

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August 26, 2025

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Good Tuesday morning. A Tennessee man named George Herman Ruth -- the same as Babe Ruth, but no relation -- is accused of using old ballplayers' names to make over $550K in fraudulent class-action settlement claims. Have a great day.

In Today’s Brief

Maryland: Parasite case
Myanmar: Bridge bombing
Trump: Fed firing
Musk: Monopoly claim
American Idol: Judges set

... and more

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The Top Tip

Pandora’s box

President Donald Trump said he has fired Federal Reserve governor Lisa Cook — an unprecedented — and potentially illegal — move

The news: Trump informed Cook she was removed from the central bank’s board “effective immediately” in a letter. He cited Article II of the Constitution and the Federal Reserve Act of 1913 as justification.
Catch up: Trump demanded Cook’s resignation last week after Bill Pulte — the head of the Federal Housing Finance Agency — sent a criminal referral to the Justice Department accusing Cook of mortgage fraud. It was Trump’s latest attack against the Fed, which he has blasted for not cutting interest rates. Cook, the first Black woman to serve on the board, said she would not step down.
Take note: No president has ever attempted to fire a Fed governor. The 1913 law gives the executive the power to remove a board member “for cause.” But Cook has not been charged with a crime or had the opportunity to fully address the allegations. The legality of the move is questionable, experts say.
Big picture: Trump’s move will almost assuredly face legal challenges and raise alarms he is trying to end the central bank’s independence. The move could also cause shockwaves in the financial markets and renew fears Trump could try to fire Fed Chairman Jerome Powell before his term expires next year.

Quick Tips

U.S. News

The U.S has its first human case of a flesh-eating parasite. Officials said the risk posed to public health by the New World screwworm and the maggots it carries remains low; the patient is in Maryland and recently visited El Salvador (More | More)
Kilmar Abrego Garcia is back in ICE custody, but a federal judge forbade his deportation for now. U.S. District Judge Paula Xinis said the Trump Administration is "absolutely forbidden" to remove the Maryland man from the continental U.S. pending a hearing (More)
Los Angeles police said they busted a major burglary ring. Cops arrested eight suspects tied to almost 100 break-ins around the city, seizing guns and stolen goods (More)

World News

Myanmar's historic Gokteik Bridge was destroyed amid the ongoing civil war. The ruling military junta and pro-democracy rebels are blaming each other for the bombing; the structure was once the world's tallest railway trestle (More)
France is on the verge of more political upheaval. A trio of opposition parties vowed to topple Prime Minister Francois Bayrou and his minority government next month by voting no confidence; the parties appear to have the necessary votes (More)
Israel apologized after a "double-tap" air strike on a Gaza hospital killed at least 20 people. Five journalists and four medical workers were among those killed; Prime Minister Benjamin Netanyahu called the incident a "tragic mishap" (More)

Political News

President Trump said he fired Federal Reserve board member Lisa Cook, citing a criminal referral for mortgage fraud made by his administration. The move will almost assuredly be subject to legal challenges; legal experts say the president’s authority to make such a move is murky (More)
House Republicans subpoenaed Jeffrey Epstein's estate, seeking documents including the alleged "birthday book." Former cabinet secretary Alex Acosta, who cut an infamous 2008 plea deal with the late pedophile financier as a U.S. attorney, was called to testify as well (More | More)
Trump said the Justice Department will sue California over its push to create new congressional districts. Former Virginia Rep. Abigail Spanberger, a Democrat, said she does not plan to redraw the state's maps if elected governor this fall (More | More)

Business & Markets

Major indexes closed lower yesterday to open the week. The Dow Jones dropped close to 350 points after its big rally to a record close last Friday (Dow -0.77%, S&P 500 -0.43%, Nasdaq -0.22%).
Elon Musk's X and xAI filed antitrust lawsuits against Apple and OpenAI. The billionaire's companies allege the tech giant and AI firm are violating competition laws by integrating ChatGPT into iPhones (More)
Netflix set opening dates for its permanent entertainment and retail venues. The inaugural "Netflix House" will open in Philadelphia on Nov. 12; a second will then open in Dallas on Dec. 11; the streamer plans to open a third location in Las Vegas in 2027 (More)

Entertainment & Sports

Luke Bryan, Carrie Underwood and Lionel Richie will return as American Idol judges. The singing competition's 24th season will kick off next year on ABC and Hulu; longtime host Ryan Seacrest was not mentioned in the announcement, leaving his status unclear (More)
Five-time Academy Award-nominated actress Annette Bening was cast for the upcoming Yellowstone spinoff. The Paramount+ series will be centered around the Beth Dutton and Rip Wheeler characters (More)
Lil Nas X faces felony charges after allegedly assaulting a Los Angeles police officer. The rapper pleaded not guilty; he was reportedly hospitalized after the incident for a possible drug overdose (More)