The Growing Risk to Fed Independence That Wall St Isn't Watching

Odd Lots

Bloomberg

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4.4 • 1.6K Ratings

🗓️ 1 April 2025

⏱️ 36 minutes

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Summary

Last month, Donald Trump fired the Federal Trade Commission's two Democratic commissioners. They have since filed suit, arguing that the law that created the FTC — as well as a 90-year-old Supreme Court precedent — prevent the president from firing them without cause. And now, what might seem like a niche legal dispute could end up having much bigger consequences for other independent government agencies, including the Federal Reserve. That would be a huge shock for Wall Street, which tends to value central bank independence. In this episode, we speak with Lev Menand, professor at Columbia Law School and author of The Fed Unbound, to talk about the huge stakes involved in this case.

Read More:
Trump and the Fed Are on a Collision Course
Who Will Protect the Fed’s Independence? The Markets

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1:15.5	Hello and welcome to another episode of the All Thoughts podcast. I'm Tracy Allaway.
1:16.9	And I'm Joe Wisenthall.
1:24.4	Joe, it's been a big week for us. We were cited in an SEC filing for the interview we did with Brad Jacobs.
1:27.9	I think it's the first time I've ever seen a full podcast transcript. It was nice because we used to write transcripts and I was getting to be so much work.
1:32.2	And then it turned out, so we recently interviewed Brad Jacobs. His team did a full transcript
1:36.7	and submitted it to the SEC. That was very nice of them.
1:39.2	Doing our work for us. And then the other thing that happened is we were also cited in a lawsuit, all in one week.
1:45.5	All in one week. That's right. You know, we've done some episodes. We were down in D.C.
1:49.8	recently, and we had the opportunity to interview the new chair of the FTC under President Trump.
1:56.5	And a section of that interview actually got included in a news lawsuit.
2:01.2	Actually, you could take a listen to it.
	...

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