January 21, 2026
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22:45Now PlayingJoin Katie Phang live from the Supreme Court in Washington, D.C., as the justices hear oral arguments in Trump et al. v. Cook, a case with major implications for the independence of the Federal Reserve. At issue is whether Donald Trump has the power to fire Lisa Cook, a sitting member of the Federal Reserve Board of Governors, raising fundamental questions about executive authority, separation of powers, and the future of the Fed as an independent institution. Katie breaks down what’s happening inside the courtroom, what the justices are signaling, and why this case could reshape the balance of power between the presidency and the nation’s central bank.
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