Apple News Today: How Trump’s Attacks on Powell Could Threaten the Fed’s Future
Episode Release Date: July 17, 2025
Host: Shemitah Basu

Introduction

In this episode of Apple News Today, host Shemitah Basu navigates through several pressing issues shaping the national discourse. From President Trump's recent maneuvers against Federal Reserve Chair Jerome Powell to significant federal funding cuts for public media, and the ongoing struggles to rebuild Los Angeles post-wildfires, Basu provides a comprehensive overview of the stories that matter today.

President Trump's Campaign Against Federal Reserve Chair Jerome Powell

The episode opens with an in-depth analysis of President Donald Trump's latest attempts to unseat Federal Reserve Chair Jerome Powell, a move that could have profound implications for the Fed's independence and future monetary policy.

Flip-Flopping on Powell's Removal: Over the past 48 hours, President Trump has oscillated between threatening to remove Powell and retracting those threats. On Tuesday, he expressed his intention to consider Powell’s dismissal, seeking opinions from GOP lawmakers. By Wednesday, he reversed his stance, deeming such an action "highly unlikely" ([00:05]).

Legal Constraints and Justifications: Despite the President’s authority to appoint Fed chairs—a power he exercised when appointing Powell during his first term—legal experts emphasize that removal requires "reasonable cause." As Shemitah Basu notes, "market sell off" ensued following these threats ([00:05]). Neil Irwin, Axios' chief economic correspondent, elaborates on the situation:

"This has kind of come out of nowhere... it really does look like this is an excuse to go after Powell for something other than just, oh, you got to cut interest rates tomorrow" ([02:05]).

Federal Reserve's Stance: The Fed defends Powell, attributing the cost overruns in their D.C. headquarters renovation to "changes with the original design, more expensive labor and materials, and unforeseen expenses like needing to mitigate asbestos" ([02:21]). Legal opinions suggest that these financial issues do not constitute valid grounds for dismissal under the Federal Reserve Act.

Potential Impacts on Financial Stability: Irwin warns of broader economic repercussions if the Fed's independence is compromised:

"If we enter that world, all bets are off on what the future looks like for all kinds of US Financial assets, borrowing costs, and the dollar" ([03:03]).

Basu highlights the historical significance of an independent Fed in maintaining the U.S. Treasury's reputation as a "super safe asset" ([03:03]).

Senate Approves Significant Cuts to Public Media Funding

The Senate's recent approval of over $1.1 billion in cuts to federal funds for public media marks a substantial threat to local broadcasters, although major national programs may weather the storm.

Impact on National vs. Local Media: While programs like Sesame Street and Daniel Tiger's Neighborhood remain relatively secure—with federal funds comprising about 15% of PBS's budget and 1% for NPR—local stations are severely vulnerable. Shemitah Basu references Paula Kerger, PBS President, who expressed grave concerns:

"It's about eliminating the possibility of funding and sustainability, frankly, for many of our stations" ([07:03]).

Consequences for Local Communities: Local public broadcasters, especially in rural areas, rely heavily on federal allocations, constituting up to 70% of their funding. NPR estimates suggest that up to 18% of member stations could shut down, depriving approximately 30% of listeners nationwide of NPR programming ([07:25]).

Ripple Effects on National Networks: The funding cuts threaten the financial stability of national networks as well. Basu explains that federal funds support national programming through dues and fees from member stations, creating a domino effect. With Congress’s move, CNN reports that national networks are preparing for potential layoffs and cost-cutting measures, anticipating the repercussions by fall ([09:44]).

Challenges in Rebuilding Los Angeles After Devastating Wildfires

Six months post the most destructive wildfires in California's history, Los Angeles faces significant hurdles in rebuilding over 16,000 homes and structures.

Administrative and Financial Obstacles: Umair Irfan of Vox outlines the primary challenges:

"Residents are now complaining... delays as far as getting permits approvals, but also other issues relating to how expensive it is and other kinds of administrative hurdles as well" ([07:10]).

Environmental Regulations: California's stringent environmental laws, particularly the California Environmental Quality Act (CEQA), have been cited as major impediments to rapid reconstruction. Despite Governor Gavin Newsom’s executive order to suspend these requirements in LA County to expedite building processes, progress remains sluggish, with less than 25% of rebuilding permits issued as of early July ([08:13]).

Insurance and Economic Strain: Additional hurdles include delayed insurance settlements and a struggling insurance industry, making securing mortgages difficult without homeowners insurance. The increased costs of materials and labor further exacerbate the situation, particularly impacting historically diverse and economically stable communities like Altadena and Pasadena. Irfan warns:

"These communities... are slowly going to start changing... skewed towards more wealthy people and less of the working class communities and the minority communities" ([09:11]).

Additional Stories

Jeffrey Epstein Case and Political Fallout: The episode also touches on the lingering controversies surrounding Jeffrey Epstein. A CNN poll indicates significant public dissatisfaction with the government's transparency on the case. President Trump faces pressure from his base and some Republican lawmakers to provide more information, leading to internal conflicts and attacks on his critics. Furthermore, Maureen Comey’s recent firing and Trump’s baseless accusations against her father highlight the ongoing political tensions tied to the Epstein investigation.

Israel-Syria Conflict Escalation: Recent Israeli airstrikes in Syria, targeting the Defense Ministry in Damascus and regions near the presidential palace in Suwayda, represent a significant escalation. Israel claims self-defense of the Druze community, while the Syrian Foreign Ministry denounces the actions as aggressive. Secretary of State Marco Rubio has stated that measures have been agreed upon to de-escalate the situation, even as the conflict continues to claim lives ([09:44]).

Breakthrough in IVF Technology: A groundbreaking IVF procedure carried out in the UK successfully resulted in eight births using genetic material from three individuals, aiming to prevent severe mitochondrial diseases. This innovative technique, legalized a decade ago, combines the DNA of two parents with a small contribution from a third donor. One of the mothers expressed profound gratitude:

"After years of uncertainty, this treatment gave us hope and we are overwhelmed with gratitude" ([09:44]).

Conclusion

Shemitah Basu wraps up the episode by emphasizing the interconnectedness of these issues—from political maneuvers that could destabilize economic institutions to federal funding cuts that threaten the fabric of local communities, and the humanitarian challenges in disaster-stricken areas. The episode underscores the complexity of governance and the cascading effects of policy decisions on various sectors of society.

For more in-depth coverage and additional stories, listeners are encouraged to explore the Apple News app.

This summary encapsulates the key discussions, insights, and conclusions from the July 17, 2025 episode of Apple News Today. For full details and direct quotes, please refer to the official podcast transcript.