Podcast Summary: "Trump’s War On The Fed"

Podcast: What A Day — Crooked Media
Host: Jane Coaston
Guest: Leah Littman (co-host of Crooked Media’s Strict Scrutiny)
Date: January 13, 2026
Duration: ~28 minutes

Overview

This episode dives deep into the growing efforts by President Donald Trump to exert political control over the Federal Reserve, specifically focusing on criminal investigations into Chair Jerome Powell and attempts to remove Governor Lisa Cook. Jane Coaston and legal scholar Leah Littman explore the legal and institutional stakes for central bank independence, analyze relevant court battles, discuss broader trends of political prosecution, and preview upcoming Supreme Court cases — all in the familiar, sharp, and irreverent “What A Day” tone.

Main Topics & Key Segments

1. Trump vs. Jerome Powell and the Fed ([00:00] – [06:31])

Summary:

• President Trump’s animosity toward Federal Reserve Chair Jerome Powell escalated when the DOJ opened a criminal investigation into Powell’s alleged lying to Congress over Fed HQ renovations. Powell denounced the probe as political retaliation for the Fed’s independent interest-rate decisions.
• Jane highlights the surreal nature of the accusations, noting the contrast between the mundane subject of “renovations” and the high political stakes.

Notable Moments:

• Jerome Powell (in video statement):
  "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president." ([01:21])
• Donald Trump:
  “I’ll be honest, I’d love to fire his ass.” ([02:21])

Discussion Points:

• The investigation into Powell is likely just a pretext for Trump to pressure the Fed into lowering interest rates for short-term political advantage.
• Jane and Leah point out the flimsy nature of the allegations and that this fits a broader Trump administration pattern of prosecuting political adversaries (ex: Letitia James, James Comey).

2. The Legal Dimensions: Independence, Prosecution, & Roadblocks ([06:31] – [08:35])

Summary:

• Leah Littman dissects the legal landscape, highlighting the clash between the “unitary executive theory” and institutional safeguards. The investigation is legally dubious, and possible roadblocks include:
  • Principled prosecutors/juries,
  • Claims of vindictive prosecution,
  • Challenges to the legality of acting/interim US prosecutors,
  • Court scrutiny.

Leah Littman:
“So what potentially stops this? Career prosecutors who actually view it as their obligation to uphold the law… potentially a grand jury… and then after that, you have the courts…” ([07:31])

3. Lisa Cook and the Supreme Court: Protecting or Undermining Fed Independence? ([08:35] – [11:23])

Summary:

• Trump’s attempts to fire Fed Governor Lisa Cook (under contested mortgage fraud allegations) will be a test case at the Supreme Court.
• Jane and Leah debate if the court will support the president’s expansive “unitary executive” power or maintain exceptions for the Fed to preserve economic stability.

Memorable Exchange:

• Jane Coaston:
  “It seems like the Supreme Court has largely honored the idea of the unitary executive, except for the Fed, because it’s like, oh, if it’ll impact the economy, we gotta put it over here.” ([10:00])
• Leah Littman:
  “If courts don’t actually meaningfully scrutinize the President’s asserted grounds for firing governors of the Federal Reserve, then effectively the Fed is no longer independent...” ([09:41])
• On the Justices’ self-interest:
  “...they have investment accounts, and they have good friends who are super rich, and they do not want to allow the Republican Party to be its own worst enemy and tank the economy.” ([11:10])
• Joking aside:
  “Clarence Thomas needs to get on those yachts somehow.” ([11:23])
  “Those yachts don’t pay for themselves.” ([11:26])

4. Supreme Court Preview: Trans Athletes & Beyond ([11:27] – [15:14])

Summary:

• Leah previews two SCOTUS cases on trans athletes’ participation in public school sports, focused both on sex discrimination law and broader transgender rights scrutiny.
• Discussion of other major upcoming decisions, including cases on Trump’s tariffs and an existential challenge to the Voting Rights Act.

Leah Littman:
“If the court applied the usual standard for sex discrimination cases, it seems like the plaintiffs here would prevail...” ([13:14])
“...the tariffs decision… is time-sensitive because the longer it is drawn out, the more tariffs that are collected and the more money that the government is potentially on the hook for to pay back.” ([14:19])

Closing Quip:
Leah: “As my T-shirt says, leave trans kids alone, you absolute freaks.” ([15:14])
Jane: “Agreed.” ([15:20])

News Briefs and Additional Segments

5. Immigration Clash in Minnesota ([18:18] – [19:38])

• Minnesota AG Keith Ellison sues the Trump administration to stop an immigration enforcement surge in the Twin Cities, describing federal actions as unconstitutional and politically motivated.

Quote:
“Immigration enforcement agents aren’t trained to investigate fraud and randomly stopping people in the street because you don’t like their accent isn’t going to stop fraud. So enforcing federal immigration law and fighting fraud are just pretexts for this surge.” — Keith Ellison ([19:22])

6. EPA’s New Priorities ([19:38] – [20:50])

• EPA, under Trump, moves to stop measuring health benefits from pollution reduction to justify loosening environmental standards — a shift from public health toward economic calculations.

Jane:
"Until now, no administration has straight up erased [the value of human life from policy math]." ([20:48])

7. Retaliation Against Military Critics ([20:50] – [21:08])

• Democratic Senator Mark Kelly sues over punishments for publicly criticizing Trump administration, raising First Amendment concerns.

8. The Rise of Political Independents ([21:09] – [22:37])

• Gallup poll: 45% of U.S. adults now call themselves independents, with Gen Z and Millennials driving the shift due to disenchantment with both parties.

9. The MAGA Money Machine and Venezuela’s Nobel Prize Controversy ([22:38] – [25:02])

Key Moment:

• Venezuelan opposition leader Maria Karina Machado hints at trading her Nobel Peace Prize to Trump for influence in rebuilding Venezuela — a move blocked by the Nobel Institute.

Jane: “See, what Donald Trump wants are bribes. You want to participate in the rebuilding of your country? Give him your award. You want to avoid tariffs? Give Trump a gold Rolex desk clock and an engraved gold bar. It’s like the musical Chicago. If you’re good to Trump, maybe he’ll be good to you.” ([25:12])

Machado’s sobering insight:
“Even though Nicolas Maduro is out, the regime is still very much there. … Any hint of support for the US can be met with arrest.” ([24:53])

Memorable Quotes & Moments

• Jane Coaston (on Trump’s tariff big checks):
  "...Grandpa will get you that check just as soon as he remembers where he put his pen." ([00:16])

• On Supreme Court self-interest:
  “They have investment accounts, and they have good friends who are super rich, and they do not want to allow the Republican Party to be its own worst enemy and tank the economy.” — Leah Littman ([11:10])

• On trans rights
  “As my T-shirt says, leave trans kids alone, you absolute freaks.” — Leah Littman ([15:14])

Episode Structure (with Timestamps)

• [00:00] — Introduction and Trump’s attacks on the Fed
• [01:21] — Jerome Powell responds
• [02:21] — Trump’s open dislike for Powell
• [03:03] — Interview with Leah Littman: legal pretext and context
• [04:53] — Interest rate context & politicization
• [06:31] — Limits on presidential power/prosecutions
• [08:35] — Lisa Cook’s Supreme Court case and Fed independence
• [11:23] — Court and presidential self-interest
• [11:27] — Supreme Court cases: trans athletes
• [13:39] — What to watch for in upcoming SCOTUS cases
• [15:14] — Interview closes, news briefs begin
• [18:18] — Minnesota immigration surge lawsuit
• [19:38] — EPA, environmental deregulation
• [20:50] — Retaliation against military critics
• [21:09] — Rise of Independents in America
• [22:38] — Venezuela, Nobel Peace Prize & Trump
• [25:00+] — Recommendations & outro

Tone & Takeaway

• Sharp, irreverent, and critical in examining Trump’s increasing attacks on institutional independence, especially the Fed.
• Deeply concerned about weaponization of federal power and precedent it sets.
• Cynically amused at elite hypocrisy (e.g., Supreme Court justices' financial interests).
• Defiantly supportive of institutional norms, marginalized groups, and rule of law.
• Nuanced legal analysis makes complex conflicts accessible, with humor and urgency.

Conclusion

This episode delivers a brisk, trenchant briefing on Trump’s efforts to bend the Federal Reserve to his will — not merely a clash of personalities but a test of constitutional boundaries, legal safeguards, and the health of American democratic institutions. Jane and Leah blend serious analysis with wit, keeping the stakes front and center: “If you’re good to Trump, maybe he’ll be good to you,” but at what cost to the country’s core systems?

Recommended for:
Anyone following the 2026 election cycle, institutions under stress, executive power, SCOTUS developments, and political trends among young Americans.