Legal AF by MeidasTouch - Trump Goes After Fed Gov. Lisa Cook with Phony Panel

Episode Date: October 11, 2026

Popok reports on Trump’s latest desperate move to gain control of the Federal Reserve and interest rate setting by firing Lisa Cook from the Board of Governors again, this time using a made-up “hearing panel” where one of the judges is her likely replacement! Qualia: Go to https://QualiaLife.com/legalaf for up to 50% OFF!Pre-order the new book from MeidasTouch, WTF America?!: The Way Out of This Hell and Back to Democracy, today: https://bit.ly/wtfamericayoutube Visit https://meidasplus.com for more! MeidasTouch relies on SnapStream to record, watch, monitor, and clip the news. Get a FREE TRIAL of SnapStream by clicking here: https://go.snapstream.com/affiliate/meidastouch/meidasnews?utm_campaign=4490308-affiliate2025&utm_content=customerpartner Support the MeidasTouch Network: https://patreon.com/meidastouch Add the MeidasTouch Podcast: https://podcasts.apple.com/us/podcast/the-meidastouch-podcast/id1510240831 Buy MeidasTouch Merch: https://store.meidastouch.com Follow MeidasTouch on Twitter: https://twitter.com/meidastouch Follow MeidasTouch on Facebook: https://facebook.com/meidastouch Follow MeidasTouch on Instagram: https://instagram.com/meidastouch Follow MeidasTouch on TikTok: https://tiktok.com/@meidastouch Learn more about your ad choices. Visit megaphone.fm/adchoices

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free of charge. BetMGEMG emgreens pursuant to an operating agreement with Eye Gaming, Ontario. Donald Trump's setting up a kangaroo court to try to remove Federal Reserve Board of Governor Lisa Cook, where one of the three judges that he's just appointed to give her purported due process is not independent. It's Kevin Hassett who is angling to get her job. Let me get this straight. Kevin Hassett, who's going to ultimately likely replace Lisa Cook if Donald Trump fires her is going to be standing in judgment of her. Oh, it's a kangaroo court, everybody.

Donald Trump already got blocked by taking off Jay Powell, the former Federal Reserve chair. His own Department of Justice said, yeah, we're not going to be prosecuting him for crimes related to the remodeling of the Federal Reserve buildings. And now his attention is back on Lisa Cook. Lisa Cook already won once at the Supreme Court. And they laid out the blueprint of how Donald Trump has to give her due process. The whole thing has to be overseen by a federal court. and he has to ultimately prove that she did something so terribly wrong related to her mortgages, apparently, is the claim, that she is unfit to be on the Federal Reserve, which has nothing to do with mortgages. We'll talk about it all right here on Midas Touch and on Legal A.F. A traveling Michael Popock in New York is covering a number of stories for the Midas Touch Network and for Legal A.F.

But here we are with the new reporting on Lisa Cook. Lisa Cook has a 14-year term, about 12 years left of that term. Right now, the Board of Governors has split four non-Trumpers. I guess that's the best way to call them and three Trumpers, or at least those that vote for Donald Trump. It's a majority rule, although they don't often split that way. But if Donald Trump got that fourth vote by firing Lisa Cook and got into the lead four to three, he's already appointed the Federal Reserve Chair, Kevin Warsh,

And if he gets this other vote, then what happens? Here's what happens. The Federal Reserve sets interest rates through its Federal Open Markets Committee, the FOMC. The FOMC is the seven members of the Board of Governors and five people picked by the Board of Governors from the Federal Reserve's other branches. Whoever controls the majority of the Federal Reserve Board of Governors picks the other members of the FOMC. So if he gets rid of Lisa Cook, it's not just picking up one vote. He then picks up five votes, really a total of six votes, to reset interest rates in his image. What he wants to do is choke out the independence of the Federal Reserve, put it under his crushing heel,

turn on the spigots of free money with low interest rates, which sounds great on paper, but wait do you see what happens to inflation when Donald Trump starts firing a thousand-dollar bills out of a fire hose, that he has no assets to back. That's a big problem. That leads to hyperinflation, which Donald Trump doesn't care about because he and his family will laugh their way to the bank with $20 or $30 billion in it

from his kleptocracy and all the money they made on cryptocurrency and rare earth minerals and military contractors and literally investing and betting on policies made by Donald Trump. So he doesn't care about you and me. And he wants. to, however, make his, in the second half, he wants to make his economic policies look better than they are by handing out free money. He's already offered to hand out free money in the form of

checks. Good luck if you think you'll ever see those. And now he's trying to get the Federal Reserve. What did Lisa Cook purportedly do wrong? By the way, you're on the Midas Touch Network. Hit the free subscribe button. And if you like this kind of content, come over to the LegalAF YouTube channel and help us to continue to grow our pro-democracy channel there with a free scribe hit. Okay. Lisa Cook, Dr. Lisa Cook, economics doctorate, she took out two mortgages, okay? One in Michigan and one for a second home in Atlanta, a condominium. She took it out from the same bank, a credit union. Credit union should know how to keep its own books, right? They're claiming that the credit union was defrauded somehow by their own client in taking out

two loans from the same credit union. How's that? Well, she's supposed to only have a certain amount of residency time in one of the two units. Okay. Like whatever these internal guidelines and rules are for the lending people over at the credit union, that's up to, that's between the credit union, God and Lisa Cook. But no, Donald Trump had, because he likes to use mortgage fraud as a trigger. He had Bill Pulte, who's the heir to the Pulte construction fortune in the South. He's now the head of Freddie Bay and Fannie Mac, these two mortgage regulators, liquidity regulators, and he said, oh, I got a hold of Lisa Cook's applications, and here they are on social media.

And Donald Trump said, oh, they're on social media. I'm going to fire her over it. Boom. And they did. Just like they tried to go after Letitia James for criminal real estate mortgage fraud, and that didn't work with any grand jury. So they kept doing it with Lisa Cook and some others. They've also tried it against Adam Schiff,

a senator from California. That's been two years. We've been hearing about reported mortgage fraud. So it went up to the United States Supreme Court when they try to bounce Lisa Cook. She never lost her job. She never lost a day in her job. The Supreme Court blocked any effort to remove her

because they found a couple of things. One, by a five to four decision led by Chief Justice Roberts, that whatever Donald Trump does to try to undermine the independence of the Federal Reserve that's been in place for over 100 years, based on our principles going back to the founding of this nation and our first bank,

that he has to do it in a way that preserves their independence, and also that gives due process. Well, those are two things Donald Trump hates. He doesn't want anything independent from him, and he doesn't want to give anybody due process. So the first thing the Supreme Court said is anything you do to fire that particular position of the Federal Reserve, it's going to be overseen by federal courts who have the power to determine whether you're right or wrong about the cause.

See, there's two ways to fire an employee at will or for cause. At will is what it sounds like. You're gone. I don't have to give you a reason. Most employees are at will employees unless they're employed pursuant to a contract. For a for cause termination, if that's what the law provides, you have to show cause. And they had a big battle in the Supreme Court about what for cause means when it comes to the federal Reserve, since there was no case law on it, they had to make it up. And what the Supreme Court ruled

is you have to look at the cause. It has to tie back to the professional responsibilities of the member of the Board of Governors. And it has to be such a serious crime and such a heightened for cause that it preserves the independence of the Federal Reserve. We don't want you just, for instance, changing out people because you don't like them on policy grounds. It can't just be any kind of foot fault gets you removed from the Federal Reserve. Now, if they proved that she knew that she checked a couple of boxes on her mortgage application and got some sort of break, is that going to mean she can't do her job of the Federal Reserve or people lose confidence in her ability? I doubt it. But they've set up now because the federal, because the Supreme Court

said, you got to have due process. They didn't tell, they didn't tell Donald Trump what it would be, but they said you got to have due process. And here's where the, the competitor for leasing, Cook's position comes in. The way this is set up now, based on an executive order issued by Donald Trump, is that there's a three-judge panel, the chair of the Equal Employment Opportunity Commission, the EEOC, who's a non-Trump or Republican named Andrea Lucas, she's a labor and employment lawyer, she's okay. The director of the Office of Government Ethics, he's the current head of the Department of Labor, Keith Sonerling. But this is the problem. the assistant to the president for economic policy,

that's Kevin Hassett. Now, Kevin Hassett has been angling for Lisa Cook's job from the very beginning. And he's not shy about it either. Here's a couple of clips of Kevin Hassett in action. The Federal Reserve's independence is really, really important. And the voices of the other people at the FOMC, they're important too.

And so the way you've got to drive interest rate movements is with consensus based on the facts and the data. And I would say that something, that's something that has been not really working so well for the Fed over the last few years. But the president is a seasoned observer of the economy, and if he has a good point, then I'm sure others will recognize it. I respect the independence of the Justice Department and the Fed, but I've not seen any materials that have been handed to the Fed by the Justice Department.

I guess the question is, if you think the building costs $20 billion or $10 billion, do you think at some point that it's appropriate for the federal government to invest good. And it seems like the Justice Department has decided that they want to see what's going on over there with this building that's, you know, massively more expensive than any building in the history of Washington. And if I were Fed chair, I would want them to do that. I think that it's really important to understand where the taxpayer money goes and understand why it goes this way or that. Does he sound independent? Shouldn't he recuse himself because he has a conflict of interest, because he's trying to replace her? How many articles?

that I have to read and report on that Kevin Hassett was on the short list to be the chair of the Federal Reserve. Now, he lost out to Kevin Warsh the first time, but here's a new chair. Shouldn't he say, no, I'd rather have the job and not stand in judgment of Lisa Cook? I think that's a big problem. Look, magnesium is something most of us aren't getting enough of. And if you're just grabbing the drugstore version, you may not be getting the full picture. Industrial farming, chronic stress, and everyday aging can all make it harder to get the magnesium your body needs. The thing is, magnesium comes in many forms, and each one supports your health in a different way. That's why you need to try Qualia magnesium plus. It combines 10 bioavailable forms of magnesium with more than 70 trace

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feel good about. Go to qualia life.com slash legal a.f for 50% off. And here's a bonus. Use the code legal AF for an additional 15% off your order. That's QA-L-I-A-L-A-Live.com slash legal AF and use code legal AF. Thanks to Qualia for sponsoring this episode. Donald Trump's been going after Lisa Cook along with Bill Pulte from the very beginning. Here's them attacking her as a criminal without giving her proper due process. Play the clip. You know, when this came across my desk, I said, oh, you know, people are going to think this or that or the other thing.

Well, it doesn't really matter. If she did this, she did this. We have an obligation to report it. And it wouldn't matter whether, you know, she was a Republican or Democrat. It's, it is what it is. Still, you have to admit that you'd be, you'd be probably happy to see the president get another, yet another pick for a new governor if this is where all this goes. on the Federal Reserve in the quest to lower interest rates?

I mean, if you want to put my policy head on, I'd be happy if we had a different chair. I don't know how or what or if this moves the needle. Again, this matter as it pertains to this is how can we have somebody in this type of position committing mortgage fraud, allegedly. And I would say one thing too. You know, you said about how did J. Pal not know, this is not really that hard. If you look at her personal financial disclosures, which are disclosed, all of us have to do through the executive branch. You know, she lists on there that it appears anyway, and, you know, we'll figure this out, and the DOJ will have to look into this, that she's listing this property as her personal

residence even today, like meaning in 2025 or whenever she, or whenever she lasted at 2023, whenever her last disclosure was. The one in Ann Arbor? The one in Atlanta. And then she went on to list it for rent. So, you know, there's a lot of questions here, and that's why I'm saying for the sake of the country, she should just resign. And I do think this is a very different situation than, you know, the chair.

I really do believe that. And so has Lisa Cook on the Fed, the Supreme Court ruled on Monday. I'm not really sure exactly whether it was on the merits or whether it was procedure, but I think you said that... Procedure. Yeah, you're going to take the appropriate action when the time... What could you do to get rid of... Get her off?

How would you do it at this point? By winning the case. They sent it back, not based on the merits, they send it back on process and procedure. So we'll start the process and we'll do perfect. process and perfect procedure. Now the Supreme Court has said the following about this case and Lisa Cook. It says it is true, of course, that cause cannot be reduced to a precise set of rules. How convenient. They don't give rules when they're Supreme Court. The key issue is whether the cause assigned truly implies an unfitness for the place or whether it simply represents an effort to secure a more

congenial replacement, like they want to get control of the Federal Reserve. for interest rates purposes. That's what it obviously appears like. They go on to say, when you look at the history of the Federal Reserve and how it was formed and the shambles that are a federal economics and financial system was in,

there's a very good reason to keep it independent. So they're going to look very jaundiced, with a jaundiced view towards how Donald Trump or this three-judge committee with somebody sitting as a judge who wants the job and what their ruling is. This is going to happen on the 5th of November,

a couple of days after the midterms. There's going to be a hearing. It's not going to be televised. It's going to be four hours. Apparently, the Trump administration only televised executions. They don't televise somebody getting due process. So it's going to be four hours.

It's going to be transcribed so that future federal courts can take a look at it. They've told her that she can testify. They're going to give her the evidence in advance. We don't know how far in advance. She has the right to submit her own submissions and written submissions, bring whatever evidence she wants, but she's got four hours, not really four hours.

That means she's got two hours, the other side's got two hours, in order to try to save her position and 12 years left on the Federal Reserve clock. You see the problem already? Then they're going to come up, I'll predict it now. Then they're going to come up with a ruling two to one or three to zero that she committed mortgage fraud. Then it's going to go, the lawyers are going to take that. They're going to have to participate in this due process.

I don't think they can walk away from it. They could try. There is one alternative, though, as I'm talking out loud. They could run to court and argue that the process established is not proper due process. That it's gagging her or limiting her. It's not giving her the evidence of sufficient amount of time. It's not giving her enough time to put on her evidence. There could be a little bit of court involvement on that. Assuming that goes forward and the ruling is what I said, Lisa Cooks can have to go back to federal court to a district court judge, have them make a a ruling that it's not due process and it's not consistent with what the Supreme Court won in her case. Then it goes to the D.C. Court of Appeals and then right back to the United States Supreme Court, I assume

sometime in late 2026, early 2027, while the Supreme Court is session. But this again is just Donald Trump's efforts to try to since he lost on Jay Powell. Since the Department of Justice refused to go after Jay

Powell, now he's got to turn back. to Lisa Cook, if he had more than enough to control the Federal Reserve, or it wouldn't make a difference if Lisa Cook was on or wasn't on, like he was three votes short, I assure you he would not be going after Lisa Cook right now. It's only because he smells blood and he wants to get yet another independent agency. This time, the Federal Reserve under his boot heel, that he's doing what he's doing. We'll continue to follow it on Midas Touch and a legal AF until my next report in about an hour here or on LegalAF YouTube channel on Traveling Michael Popock reporting. If you love this episode, make sure you're subscribed to the Intersection Audio Podcasts

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