August 26, 2025 • 13 mins
Jon Decker breaks down President Trump’s removal of Federal Reserve Governor Lisa Cook and the ripple effects it’s causing across politics and markets. Decker also explores the administration’s strategy to combat rising crime in major cities and examines the latest developments in the war in Ukraine, including diplomatic maneuvering and the possibility of a high-stakes meeting between Vladimir Putin and Volodymyr Zelensky. The White House Briefing Room can be heard weekdays on the iHeartRadio App, Apple Podcasts, or wherever you get your podcasts.
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Episode Transcript
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Speaker 1 (00:02):
Welcome to the White House Briefing Room for Tuesday, August
to twenty sixth. I'm John Decker. Some breaking news overnight,
President Trump says he's removing Federal Reserve Governor Lisa Cook.
He posted on social media that allegations against Cook of
mortgage fraud amounts to what he called sufficient cause to
(00:24):
fire Cook. The President stepping up the pressure on the
city of Chicago as he continues threatening to deploy the
National Guard to the windy city.
Speaker 2 (00:34):
We go in. We will solve Chicago within one week,
maybe less, but within one week, we will have no
crime in Chicago, just like we have no crime in DC.
Speaker 1 (00:41):
And the President weighing in on the possibility of a
one on one meeting between Russian President Putin and Ukrainian
President Zelenski.
Speaker 2 (00:50):
It's going to be up to them. It takes two
to tango. I always say it, and they should meet.
I think before I have a meeting and probably close
the deal.
Speaker 1 (00:59):
But we begin this Tuesday with late breaking news overnight.
President Donald Trump late Monday said on social media that
he's fired Federal Reserve Governor Lisa Cook. Trump and a
termination letter that was sent to Cook posted on truth
social cited allegations that she had made false statements on
(01:20):
applications for home mortgages. Now, the President's decision comes just
days after the leader of the Federal Housing Finance Agency,
that's Bill Poulty, he alleged that in twenty twenty one,
Lisa Cook sought mortgages on two properties, one in Michigan,
the other in Atlanta, and she described both of them
(01:42):
as her primary residence in papers that were submitted just
two weeks apart. Poulty said he would submit the information
to the Justice Department in a criminal referral. Now, as
a result of that, the President said last week that
he would fire Cook if she didn't resign now, Cook,
in a statement that was released late Monday, said that
(02:03):
President Trump purported to fire me for cause when no
cause exists under the law, and he has no authority
to do so. I will not resign now. Cook has
already hired a lawyer. It's Abbey Loll. He's a well
known criminal lawyer here in Washington, d c. He put
out a statement saying that the President's move, in his words,
(02:27):
is flawed and his demands lack any proper process basis
or legal authority, and he said we will take whatever
actions are needed to prevent his attempted illegal action. There
was no comment from the Federal Reserve itself. Now, the
President's letter on Monday reference the tremendous responsibility that the
(02:49):
FED has for setting interest rates and regulating reserve and
member banks. He also added that the American people must
be able to have full comp evidence in the honesty
of the members entrusted with setting policy and overseeing the
Federal Reserve. Now, this is the most dramatic escalation of
(03:10):
the President's war on the FED. He's waged this war
against the Fed since January, and the reason being is
because the Federal Reserve has not lowered interest rates, something
that the President believes they should do based upon the
state of the US economy. And he's also said that
the reason that the FED has refrained from lowering interest
(03:32):
rates has everything to do with political reasons and not
reasons associated with the state of the US economy. Not surprisingly,
the reaction from lawmakers here in Washington fell along party lines.
One example, the Senator from Florida, Rick Scott. He put
out a post on social media saying the President is
(03:54):
doing the right thing to hold people accountable to protect
American families and restore trust in the FED. And meanwhile,
someone who is a strong backer of Federal Reserve Chairman
Jerome Powell. That's Senator Elizabeth Warren, a Democrat from Massachusetts.
She put out a social media post in which she
called the move by the President an authoritarian power grab
(04:20):
that blatantly violates the Federal Reserve Act, and she said
that any court that follows the law will overturn it. Now,
this issue will likely ultimately be decided by the federal courts,
likely the US Supreme Court, And it is pretty clear
based upon the statements that were put out by both
Lisa Cook through her lawyer, as well as that social
(04:43):
media post by the President, but that both sides are
digging their heels in and plan to take their arguments
to the Supreme Court. And the issue before the Supreme
Court is on the basic question does the President have
the author to fire a member of the Federal Reserve,
which traditionally has had a lot of independence from the
(05:08):
executive branch. Now, Congress has limited the president's power to
remove FED officials, saying that they can only be fired
for cause, and that's generally understood to mean gross misconduct, malfeasance,
and as it relates to Lisa Cook, this criminal referral
is not evidence that she has done anything wrong, but
(05:31):
simply an allegation. So the President essentially is firing Lisa
Cook for an allegation that has not yet been proven
in a court of law. A federal judge will have
to decide that particular issue, and that's exactly what will
happen here. Lisa Cook will sue to keep her job
as a Federal Reserve member, a Federal Reserve governor, her
(05:55):
term runs all the way through twenty thirty eight, and
a federal judge with this and determine whether there is
enough evidence to meet the four cause requirement. The judge
would also decide what would happen in the near term
while the issue is being litigated, and we're a judge
to let Lisa Cook stay in her post at the
(06:15):
FED while the case proceeds. The administration would almost certainly
ask the US Supreme Court to intervene. This is unprecedented
in terms of what the President is doing and what
he's trying to do here, not just by removing this
particular individual, is to try to get more members of
(06:36):
the Federal reserve the ones that vote on interest rates
to be members that were appointed by Donald J. Trump.
Right now, only two members of what's known as the
Federal Open Market Committee are individuals who were named to
their post by President Trump, and that was in his
first term. The President is trying to expand that he'll
(06:56):
likely get that opportunity at least with one of those
vacancies that will happen in May of next year. That's
when Jerome Powell, the FED Chairman, his term runs out,
and President Trump has given every indication that he will
not be renominated, that he will be replaced and replaced
with someone likely who sees interest rates and the necessity
(07:20):
for lowering interest rates in the same way that President
Trump does. Also on Monday, the President said that the
US military is ready to go into any city, not
just Washington, d C. To crack down on crime, even
if the governor, a democratic governor, does not request its assistance.
The President signed several executive orders in the Oval Office
(07:43):
on Monday, and while signing those eos, he said, we
want to go from here to other places. But as
I was telling some of the people that in a
certain way, you have to be asked to go, and
that is the idea that the President wants to be
asked by these democratic governors to come in with the
National Guard, to come in with federal law enforcement and
(08:06):
try to bring down crime rates in some of these
major cities that are run by democratic mayors. Last week,
the President suggested that his administration could target Chicago next
for a federal crackdown against crime, but when pressed on
this on Monday, the President said that he may or
may not send in federal troops to Chicago, and the
(08:29):
President has given a similar answer as it relates to
the city of Baltimore. The President took many questions in
the Oval Office on Monday, and many of those questions
concerned the latest concerning the war in Ukraine, and the
President answered every one of those questions, and what he
said in terms of responses to those questions did not
(08:52):
give any indication that a meeting between President Zelenski of
Ukraine and President Prutin of Russia was any near. The
President asked about the Ukraine War at the very top
of a meeting that he had in the morning in
which he signed those executive orders, and the President weighing
in on how he views trying to end the war
(09:15):
in Ukraine. Let's listen to the president right here.
Speaker 2 (09:17):
I though it would be easiest, frankly, was going to
be Russia and Ukraine, but that turns out to be
some big personality conflicts. It's one of those things. But
we're going to get that stopped. Eventually, we're going to
get that stop to.
Speaker 1 (09:31):
The President was also asked about the latest concerning security
guarantees that could be provided to Ukraine if and when
a peace deal is ever reached, and what role the
US would have in providing those security guarantees to Ukraine.
Let's hear what the President said in response to that question.
(09:53):
You don't know what.
Speaker 2 (09:53):
Security guarantee is because we haven't even discussed the specifics
of it. And we'll see. Number One, Europe is going
to give them significant security guarantees, and they should because
they're right there. But we'll be involved from the standpoint
of backup. We're going to help them, and I think
if we get a deal, and I think we will.
But if we get a deal, they're not going to
(10:14):
I don't believe you're gonna have much of a project.
Speaker 1 (10:16):
It was a little over a week ago that the
President met with President Putin in Anchorage, Alaska, and here
we are a little over a week later, and the
President indicated that since that meeting he has spoken to
President Putin. And the President was asked about his relationship
with Putin. Here's what the President had to say concerning
(10:36):
his relationship with the person who really holds the cards
as it relates to ending the war in Ukraine.
Speaker 2 (10:43):
Every conversation I have with him is a good conversation.
And then unfortunately Obama is loaded up into Kieva someplace,
and then I'd get very angry about it. I think
we're going to get the war done.
Speaker 1 (10:56):
And the President was pressed by reporters in the pool
on Monday, well, you're the person who has this great
relationship with President Putin. You're the one who has potentially
some influence with President Putin. Why has there been no
meeting yet between Putin and Zelenski. Let's listen to that
(11:17):
question and the answer that the President gave.
Speaker 2 (11:20):
Why do you think President foot was so reluctant to
meet with President Zelenski because he doesn't like him. He
doesn't like him, you know, they don't like I have
people I don't like. I don't like to meet with him.
Sometimes they do like to meet with people I don't like,
so they don't like. No, they don't like each other.
Speaker 1 (11:38):
Just before the President traveled to Anchorage, Alaska that week,
he was asked what happens if President Putin did not
agree to a ceasefire, and the President responded at the time,
there would be severe consequences. And we know that those
severe consequences have been imposed by the Trumpet minute since
(12:01):
that meeting in Anchorage, Alaska, since the meeting in which
President Putin declined to sign on to a ceasefire proposal,
the President asked on Monday once again whether or not
he is prepared to impose consequences on Russia as it
relates to trying to end this war and come to
some sort of peace deal. Let's hear what the President
(12:22):
had to say here. Yeah, there could be.
Speaker 2 (12:23):
Very big consequences, but we'll see what happens. It might
be very big consent vices, because this is something that
has to hap.
Speaker 1 (12:29):
And so this Tuesday, still no meeting on the table,
Still no date for a meeting on the table involving
Russian and Ukrainian officials. And that's despite the fact that
the President felt pretty optimistic about getting that type of
meeting accomplished last week when the President met with President
(12:50):
Zelenski and met with those European officials at the White
House in the East Room. Since that time, I haven't
heard that same level of optimist coming from the President
about a meeting occurring between President Zelenski and President putin
anytime soon. On Tuesday, the big item on the President's
(13:11):
agenda will be a cabinet meeting. And what we've seen
since the start of the Trump administration is that the
president typically has cabinet meetings once a month, and what
we're going to see on Tuesday is that once a
month cabinet meeting, the President typically talks about accomplishments from
each of the federal departments and agencies under his umbrella,
(13:33):
and often gives an opportunity for each of those cabinet
secretaries and agency heads to speak and talk about what
they've accomplished since the last time they had a meeting
in the cabinet room that's the White House Briefing Room
for Tuesday, August and twenty sixth, I'm John Decker.
Speaker 2 (13:52):
Have a good one
Welcome to the White House Briefing Room for Tuesday, August
to twenty sixth. I'm John Decker. Some breaking news overnight,
President Trump says he's removing Federal Reserve Governor Lisa Cook.
He posted on social media that allegations against Cook of
mortgage fraud amounts to what he called sufficient cause to
(00:24):
fire Cook. The President stepping up the pressure on the
city of Chicago as he continues threatening to deploy the
National Guard to the windy city.
Speaker 2 (00:34):
We go in. We will solve Chicago within one week,
maybe less, but within one week, we will have no
crime in Chicago, just like we have no crime in DC.
Speaker 1 (00:41):
And the President weighing in on the possibility of a
one on one meeting between Russian President Putin and Ukrainian
President Zelenski.
Speaker 2 (00:50):
It's going to be up to them. It takes two
to tango. I always say it, and they should meet.
I think before I have a meeting and probably close
the deal.
Speaker 1 (00:59):
But we begin this Tuesday with late breaking news overnight.
President Donald Trump late Monday said on social media that
he's fired Federal Reserve Governor Lisa Cook. Trump and a
termination letter that was sent to Cook posted on truth
social cited allegations that she had made false statements on
(01:20):
applications for home mortgages. Now, the President's decision comes just
days after the leader of the Federal Housing Finance Agency,
that's Bill Poulty, he alleged that in twenty twenty one,
Lisa Cook sought mortgages on two properties, one in Michigan,
the other in Atlanta, and she described both of them
(01:42):
as her primary residence in papers that were submitted just
two weeks apart. Poulty said he would submit the information
to the Justice Department in a criminal referral. Now, as
a result of that, the President said last week that
he would fire Cook if she didn't resign now, Cook,
in a statement that was released late Monday, said that
(02:03):
President Trump purported to fire me for cause when no
cause exists under the law, and he has no authority
to do so. I will not resign now. Cook has
already hired a lawyer. It's Abbey Loll. He's a well
known criminal lawyer here in Washington, d c. He put
out a statement saying that the President's move, in his words,
(02:27):
is flawed and his demands lack any proper process basis
or legal authority, and he said we will take whatever
actions are needed to prevent his attempted illegal action. There
was no comment from the Federal Reserve itself. Now, the
President's letter on Monday reference the tremendous responsibility that the
(02:49):
FED has for setting interest rates and regulating reserve and
member banks. He also added that the American people must
be able to have full comp evidence in the honesty
of the members entrusted with setting policy and overseeing the
Federal Reserve. Now, this is the most dramatic escalation of
(03:10):
the President's war on the FED. He's waged this war
against the Fed since January, and the reason being is
because the Federal Reserve has not lowered interest rates, something
that the President believes they should do based upon the
state of the US economy. And he's also said that
the reason that the FED has refrained from lowering interest
(03:32):
rates has everything to do with political reasons and not
reasons associated with the state of the US economy. Not surprisingly,
the reaction from lawmakers here in Washington fell along party lines.
One example, the Senator from Florida, Rick Scott. He put
out a post on social media saying the President is
(03:54):
doing the right thing to hold people accountable to protect
American families and restore trust in the FED. And meanwhile,
someone who is a strong backer of Federal Reserve Chairman
Jerome Powell. That's Senator Elizabeth Warren, a Democrat from Massachusetts.
She put out a social media post in which she
called the move by the President an authoritarian power grab
(04:20):
that blatantly violates the Federal Reserve Act, and she said
that any court that follows the law will overturn it. Now,
this issue will likely ultimately be decided by the federal courts,
likely the US Supreme Court, And it is pretty clear
based upon the statements that were put out by both
Lisa Cook through her lawyer, as well as that social
(04:43):
media post by the President, but that both sides are
digging their heels in and plan to take their arguments
to the Supreme Court. And the issue before the Supreme
Court is on the basic question does the President have
the author to fire a member of the Federal Reserve,
which traditionally has had a lot of independence from the
(05:08):
executive branch. Now, Congress has limited the president's power to
remove FED officials, saying that they can only be fired
for cause, and that's generally understood to mean gross misconduct, malfeasance,
and as it relates to Lisa Cook, this criminal referral
is not evidence that she has done anything wrong, but
(05:31):
simply an allegation. So the President essentially is firing Lisa
Cook for an allegation that has not yet been proven
in a court of law. A federal judge will have
to decide that particular issue, and that's exactly what will
happen here. Lisa Cook will sue to keep her job
as a Federal Reserve member, a Federal Reserve governor, her
(05:55):
term runs all the way through twenty thirty eight, and
a federal judge with this and determine whether there is
enough evidence to meet the four cause requirement. The judge
would also decide what would happen in the near term
while the issue is being litigated, and we're a judge
to let Lisa Cook stay in her post at the
(06:15):
FED while the case proceeds. The administration would almost certainly
ask the US Supreme Court to intervene. This is unprecedented
in terms of what the President is doing and what
he's trying to do here, not just by removing this
particular individual, is to try to get more members of
(06:36):
the Federal reserve the ones that vote on interest rates
to be members that were appointed by Donald J. Trump.
Right now, only two members of what's known as the
Federal Open Market Committee are individuals who were named to
their post by President Trump, and that was in his
first term. The President is trying to expand that he'll
(06:56):
likely get that opportunity at least with one of those
vacancies that will happen in May of next year. That's
when Jerome Powell, the FED Chairman, his term runs out,
and President Trump has given every indication that he will
not be renominated, that he will be replaced and replaced
with someone likely who sees interest rates and the necessity
(07:20):
for lowering interest rates in the same way that President
Trump does. Also on Monday, the President said that the
US military is ready to go into any city, not
just Washington, d C. To crack down on crime, even
if the governor, a democratic governor, does not request its assistance.
The President signed several executive orders in the Oval Office
(07:43):
on Monday, and while signing those eos, he said, we
want to go from here to other places. But as
I was telling some of the people that in a
certain way, you have to be asked to go, and
that is the idea that the President wants to be
asked by these democratic governors to come in with the
National Guard, to come in with federal law enforcement and
(08:06):
try to bring down crime rates in some of these
major cities that are run by democratic mayors. Last week,
the President suggested that his administration could target Chicago next
for a federal crackdown against crime, but when pressed on
this on Monday, the President said that he may or
may not send in federal troops to Chicago, and the
(08:29):
President has given a similar answer as it relates to
the city of Baltimore. The President took many questions in
the Oval Office on Monday, and many of those questions
concerned the latest concerning the war in Ukraine, and the
President answered every one of those questions, and what he
said in terms of responses to those questions did not
(08:52):
give any indication that a meeting between President Zelenski of
Ukraine and President Prutin of Russia was any near. The
President asked about the Ukraine War at the very top
of a meeting that he had in the morning in
which he signed those executive orders, and the President weighing
in on how he views trying to end the war
(09:15):
in Ukraine. Let's listen to the president right here.
Speaker 2 (09:17):
I though it would be easiest, frankly, was going to
be Russia and Ukraine, but that turns out to be
some big personality conflicts. It's one of those things. But
we're going to get that stopped. Eventually, we're going to
get that stop to.
Speaker 1 (09:31):
The President was also asked about the latest concerning security
guarantees that could be provided to Ukraine if and when
a peace deal is ever reached, and what role the
US would have in providing those security guarantees to Ukraine.
Let's hear what the President said in response to that question.
(09:53):
You don't know what.
Speaker 2 (09:53):
Security guarantee is because we haven't even discussed the specifics
of it. And we'll see. Number One, Europe is going
to give them significant security guarantees, and they should because
they're right there. But we'll be involved from the standpoint
of backup. We're going to help them, and I think
if we get a deal, and I think we will.
But if we get a deal, they're not going to
(10:14):
I don't believe you're gonna have much of a project.
Speaker 1 (10:16):
It was a little over a week ago that the
President met with President Putin in Anchorage, Alaska, and here
we are a little over a week later, and the
President indicated that since that meeting he has spoken to
President Putin. And the President was asked about his relationship
with Putin. Here's what the President had to say concerning
(10:36):
his relationship with the person who really holds the cards
as it relates to ending the war in Ukraine.
Speaker 2 (10:43):
Every conversation I have with him is a good conversation.
And then unfortunately Obama is loaded up into Kieva someplace,
and then I'd get very angry about it. I think
we're going to get the war done.
Speaker 1 (10:56):
And the President was pressed by reporters in the pool
on Monday, well, you're the person who has this great
relationship with President Putin. You're the one who has potentially
some influence with President Putin. Why has there been no
meeting yet between Putin and Zelenski. Let's listen to that
(11:17):
question and the answer that the President gave.
Speaker 2 (11:20):
Why do you think President foot was so reluctant to
meet with President Zelenski because he doesn't like him. He
doesn't like him, you know, they don't like I have
people I don't like. I don't like to meet with him.
Sometimes they do like to meet with people I don't like,
so they don't like. No, they don't like each other.
Speaker 1 (11:38):
Just before the President traveled to Anchorage, Alaska that week,
he was asked what happens if President Putin did not
agree to a ceasefire, and the President responded at the time,
there would be severe consequences. And we know that those
severe consequences have been imposed by the Trumpet minute since
(12:01):
that meeting in Anchorage, Alaska, since the meeting in which
President Putin declined to sign on to a ceasefire proposal,
the President asked on Monday once again whether or not
he is prepared to impose consequences on Russia as it
relates to trying to end this war and come to
some sort of peace deal. Let's hear what the President
(12:22):
had to say here. Yeah, there could be.
Speaker 2 (12:23):
Very big consequences, but we'll see what happens. It might
be very big consent vices, because this is something that
has to hap.
Speaker 1 (12:29):
And so this Tuesday, still no meeting on the table,
Still no date for a meeting on the table involving
Russian and Ukrainian officials. And that's despite the fact that
the President felt pretty optimistic about getting that type of
meeting accomplished last week when the President met with President
(12:50):
Zelenski and met with those European officials at the White
House in the East Room. Since that time, I haven't
heard that same level of optimist coming from the President
about a meeting occurring between President Zelenski and President putin
anytime soon. On Tuesday, the big item on the President's
(13:11):
agenda will be a cabinet meeting. And what we've seen
since the start of the Trump administration is that the
president typically has cabinet meetings once a month, and what
we're going to see on Tuesday is that once a
month cabinet meeting, the President typically talks about accomplishments from
each of the federal departments and agencies under his umbrella,
(13:33):
and often gives an opportunity for each of those cabinet
secretaries and agency heads to speak and talk about what
they've accomplished since the last time they had a meeting
in the cabinet room that's the White House Briefing Room
for Tuesday, August and twenty sixth, I'm John Decker.
Speaker 2 (13:52):
Have a good one
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