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You know who's participating in the Federal Open Markets Committee meeting today and going to be voting on what interest rates are charged to banks and therefore impacting our economy? Lisa Cook. She's on the Federal Reserve Board of Governors because a Federal District appellate court ruled in her favor late yesterday 2 to 1. I have a copy of it here. Judge Garcia, Judge Childs voted in favor of keeping her in her job on the Board of Governors, finding that she was denied due process by Donald Trump, who tried to fire her by means social media posting, never giving her the opportunity to be heard, never giving her the opportunity to put forward the evidence that she didn't commit mortgage fraud, which is what Donald Trump's minions have said in their false allegations against her that she committed. How about giving her due process before you take away the remainder of her 13 years on the independent Federal Reserve Board of Governors? How about that? That's what the new ruling says. I'm going to read to you from certain parts of it and I'm going to explain to you why the one Trump appointee in there, Judge Katz, why he was in dissent. And then we'll talk about the breaking news within the breaking news, which is that Donald Trump's not taking no for an answer, despite the fact that he couldn't stop her from participating in the committee meeting. He's going forward with an emergency application to the United States Supreme Court to try to get rid of Federal Reserve Governor Lisa Cook because she checked the wrong box on a mortgage. Or maybe she didn't. I'm Michael Popo. You're on Midas Touch and on Legal af. Let's get to the Lisa Cook saga. Why does it matter? It goes to the heart of the independence of the Federal Reserve. Because if Donald Trump can fire people at will without regard to whether they did anything, then he could just take over the Federal Reserve. And now he's in control of fiscal policy, which he's failing at. That's why our jobs numbers are so bad. That's why our economy is in a wreck. And he could take control of monetary policy, that is the amount of money that flows through the American economy, leading to hyperinflation. We never want the same person to be able to have one hand on monetary policy and one hand on fiscal policy ever. Bad things happen when that happens. Now, Lisa Cook didn't do anything wrong. And if she did, she certainly had the right to due process. She filed when Donald Trump tried to fire her. She filed an emergency lawsuit and motion for injunctive relief with Judge Cobb. Judge Cobb ruled after an evidentiary hearing in her favor, finding that Donald Trump both violated her due process rights because he relied on a social media posting by and by Bill Pulte, the Nepo baby billionaire heir to the Pulte Construction fortune who now runs Freddie Mae and Fannie Mac, but in his spare time is Donald Trump's pit bull to go after and target Democrats for alleged mortgage fraud. Except he got it wrong because other credible news sources have gotten their hands on the same on evidence about her loans and have determined that she told the truth to her lender. She told them the second home was a second home and a vacation home and not her primary residence. She's not taking the property tax break that she's entitled to in two different places. Only one that's reserved for Mark Pulte's parents who were have been found out that they're running two primary residences which they're not allowed to have, one in Michigan and one in Florida. Judge Cobb also said the four cause, which is required by the United States Supreme Court and reaffirmed in a decision from May. The four cause that's required to terminate somebody on the Board of Governors. The Federal Reserve has to be something she does on the job, has to be something that's done on the job as part of her statutory duties. It has to be inefficiency, malfeasance, or neglect of duty. It can't be something that happened before. Now Judge Katz in his dissent, which I'll read to you from, says what does that mean? Does that mean she could commit murder and leave her on. No, Judge Katz because that would make her ineligible to continue to serve because she's now been convicted of murder. And that's what the case law says. So it's neglect of duty, inefficiency and malfeasance. But also it goes down to basic qualifications or ineligibility and a murderer would make her ineligible. See how you fix that, that problem of your own creation. Let me read to you from the order two to one. Judge Judge Childs and Judge Garcia who and Judge Garcia who wrote the decision, joined by Judge Katz. They sorry. Joined by Judge Childs. Here is the easy summary. I'll post this on Legal AF substack. Here's the easy summary of this decision. They did not rule on the for cause does purported mortgage fraud, which based on the new evidence did not occur. Does that rise to the level of for cause termination for somebody on the board of governors, yes or no? They said we don't even have to get there. And that's smart because they're in, they're in an emergency posture. They're the emergency appellate panel thrown together because of the emergency application by Donald Trump. Down the road there will be the merits consideration of the, of the appellate issues. After a full or more fulsome trial and record, this group may be pulled back together again as the merits panel or it may be a new panel. Really depends. It depends on the court and sometimes they try to give it back to the same judges but sometimes they don't. So this is their decision for now on a non merits basis just based on at the moment the emergency issues. And so they said we're just going to deal with due diligence. We're just going to deal with due process. Did she get it or not? Because that does solve a lot of the problems. Because if she got due process, which is an ability to defend herself usually in writing against charges that are put in writing to her and then a hearing of some sort, she'd be able to bring in the evidence that she didn't commit any mortgage fraud. So the due process was the right angle, I believe for this court to focus on now having found that she had a property right in the continuation of her Federal Reserve governorship for another 13 years that gives her then that triggers Fifth Amendment due process rights because you're not allowed to have people aren't allowed to take your property away without giving you some sort of due process to defend yourself. So that is one thing that they rejected all the Trump cases that suggested that there is no property interest in an employment position, they said there is one. When you're being given the governorship of the Federal Reserve and you're being protected from firing by a four cause layer of protection, that is property. They also ruled that they have the right to do a review of Donald Trump's actions. That it's, he argued that, oh, the federal courts can't provide oversight. I can do whatever I want in the employment arena. I can fire whoever I want. Whatever I say is causes, cause and that's it. And the court said, no, that's not that. We, we get to do our job, our Article two job. And then they went over why due process was not properly given, effectively admitted by Trump, even though Trump was like, but we, we had a social media post by Bill Pulte and then I reposted it. And then Pam Bondi opened up a criminal investigation. Isn't that enough? And there was a letter. No, that's not enough. The American dream has changed. Forget the white picket fence. For most Americans, the real dream now is getting out of debt. If you're feeling the pressure from rising prices, mounting credit card debt, and just trying to stay afloat, I want you to know there's a way out. Done with debt. Their one goal, to break you free from debt permanently. They're not pushing loans or bankruptcy. Instead, they're tough negotiators. Go straight to your creditors, slashing what you owe, wiping out interest and eliminating penalties. They don't stop until your debt is gone. And here's the best part. Most clients see more money in their pocket in the very first month. You've worked too hard to let debt steal your future. With done with debt, your dream of being debt free is actually possible. Visit donewithdebt.com talk with one of their experts. It's completely free. But some of their solutions are time sensitive. So don't wait. Go to donewithdebt.com that's donewithdebt.com so the court says on page six, because Cook's due process claim is a very likely, is very likely meritorious. There's no need to address the meaning of for cause and the Federal Reserve Act. On page five, they say the consequences of concluding that officers with for cause removal protection may invoke due process protections are limited for the simple reason noted above. Most principal officers are removable at when at will. If Cook were to, she would plainly have no interest protected by the Due Process Clause. But Cook enjoys uncontested for cause protection, so she does have have that interest. One judge of this court previously concluded that the Supreme Court's due process precedent suggests that an officer with removal protections would be constitutionally entitled to some procedural protections before removal, like a notice and a hearing that is essential. And none of those things were given to her. When you read Katzis in his dissent, he's so far right that he's already convicted her of mortgage fraud. He doesn't say based on the alleged or allegations of mortgage fraud. He says that there are apparent misrepresentations Cook made in applying for home mortgages. He's already convicted her on the first page of his dissent. In my view, he finds that Cook does not have a constitutionally protected property interest in her office, therefore has no due process rights. And the four clause was properly, was properly exercised by Donald Trump. Now, this is going to go to the United States Supreme Court. That's the final word in this right now. She's obviously participating, Lisa Cook, in the September 6th today and tomorrow's today and tomorrow's Federal Open Markets Committee meeting, which is comprised of seven of the board of governors and five additional representatives or committee people taken from the 12 in total of regional bank presidents for the Federal Reserve. They rotate in five come in at one time, they make a committee of 12, they set the rates. She's doing it already. So the next time she's going to do anything of substance apparently is next month. So the Supreme Court is going to have have to consider on an emergency application that Donald Trump has threatened to file. And I'm sure by the time this goes up, he will have filed. And I'll tell you what that's going to look like because I don't have to see it in order to report on it, because I've seen these enough. It's going to be an emergency application for a stay and for and in addition to that, for an appeal on this particular issue. It's going to be brought by John Sauer, who is the Solicitor General of the United States, Donald Trump's former criminal defense appellate lawyer. It will ask Judge Roberts, Justice Roberts, who's the first judge to decide to make the decision to grant the stay. If he grants the stay, blocking Judge Cobb's decision, Lisa Cook is out of the job until they consider it. And I don't believe he's going to do that. He will then refer it over to the entire 9 of the federal of the Supreme Court to make their decision. Four votes to take up the appeal is fine. Five votes to one way or the other is enough to either keep her in the job or take her out of the job. What should happen is that even if Roberts grants a stay, which he could a temporary stay until they have the full briefing, that will take her out of her job, changing the status quo, which is why I don't think he should do it. The status quo is she's participating. She's on the Federal Reserve right now. Let the record be developed by Judge Kopp. That's what, that's really what should happen. But they'll take up, if the MAGA get the votes with the six votes or five votes, they'll take this up with full briefing. They'll set an oral argument because it's such an important issue and they'll have an oral argument in October or November. That's what's going to happen, I believe. And then I'll report on it more and give you the full update on Legal AF Live substack as we get the new filings. It hasn't happened yet, but that is what is going to happen to get this case before the United States Supreme Court. The rate, the rates are going to be voted on today and I'm sure it's going to be a rate cut. I'd be shocked if it wasn't. Again, I'll update you on legal f YouTube and legal f substack about those issues. Why should the Supreme Court keep Lisa Cook in her job? Because it would be consistent with what they ruled in May, which is that there needs to be a four cause reason for termination. There must be due process before you remove a Federal Reserve governor, plain and simple. And the 4 cause based on the case law has to be something that happened while she's on the job, not some false allegation about her applying for two first mortgages or two primary home mortgages. That, that can't be based on the 100 years of precedent. That can't be the ruling. But we'll follow it right here on Legal AF and on the Midas Touch Network. Until my next report, I'm Michael Popach. Can't get your fill of Legal af. Me neither. That's why we formed the Legal AF substack. Every time we mention something in a hot take, whether it's a court filing or a oral argument, come over to the substack. You'll find the court filing and the oral argument there, including a daily roundup that I do call. Wait for it. Morning af. What else? All the other contributors from legal AOFF are there as well. We got some new reporting, we got interviews, we got ad free versions of the podcast and hot takes where legal AF on substack. Come over now to free subscribe.
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Martha listens to her favorite band all the time in the car, gym, even sleeping. So when they finally went on tour, Martha bundled her flight and hotel on Expedia to see them live. She saved so much she got a seat close enough to actually see and hear them sort of. You were made to scream from the front row. We were made to quietly save you more Expedia made to travel savings vary and subject to availability. Flight inclusive packages are atoll protected.
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Code staplet american-giant.com from the Cascades to PDX to your kitchen, we recycle like we live here. That's why governments, brands and recycling companies are all joining together to bring change to make recycling better. As in trusting that your recyclables end up in the right places to be made into new things and having brands help fund the cost of recycling. You can find the Latest updates at recycleon.org Oregon From Mount Hood to the bin under your desk. Together we can do this. From the Cascades to PDX to your kitchen, we recycle like we live here. That's why governments, brands and recycling companies are all joining together to bring change to make recipes. Recycling better. As in trusting that your recyclables end up in the right places to be made into new things and having brands help fund the cost of recycling. You can find the Latest updates at recycleon.org Oregon From Mount Hood to the bin under your desk. Together we can do this. From the Cascades to PDX to your kitchen, we recycle like we live here. That's why governments, brands and recycling companies are all joining to together to bring change to make recycling better. As in trusting that your recyclables end up in the right places to be made into new things and having brands help fund the cost of recycling. You can find the Latest updates at recycleon.org Oregon From Mount Hood to the bin under your desk. Together we can do this.