1A - ICYMI: Trump Tries to Remove a Fed Governor

President Donald Trump is ramping up his attacks on the Federal Reserve.

On Monday, the president posted orders on Truth Social to remove Federal Reserve governor Lisa Cook – effective immediately. The president claims she committed mortgage fraud, an allegation first raised by a Trump loyalist and housing official.

Cook, who was appointed by former President Joe Biden, responded in a statement saying that Trump has no authority to remove her and that she will continue her duties. Cook has not been charged with a crime.

It’s an unprecedented move that puts into question the independence of the central bank. So, what comes next and what does this mean for the Fed?

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Up First from NPR - Fed Governor Legal Fight, DNC Summer Meeting, Taylor Swift Engaged

Federal Reserve governor Lisa Cook’s attorney has plans to file a lawsuit challenging President Trump’s bid to remove Cook from her position. The Democratic National Committee wraps up its first major gathering since President Trump’s return to the White House. And, music superstar Taylor Swift is engaged to football player Travis Kelce of the Kansas City Chiefs.

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Today’s episode of Up First was edited by Dana Farrington, Megan Pratz, Jacob Ganz, Hazel Cills, Lisa Thomson and Adriana Gallardo. It was produced by Ziad Buchh, Nia Dumas and Chris Thomas. We get engineering support from Stacey Abbott. And our technical director is Carleigh Strange. 

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Planet Money - Summer School 8: Graduation LIVE!

Get your own personalized summer school diploma here

Today on our final episode of Summer School 2025, we will test your knowledge. We will salute the unsung heroes of government service. And we will pick our valedictorian from among you of the class of 2025. 

Editorial Note:

President Trump attempted to fire Lisa Cook, a Biden appointee to the Federal Reserve Board. Our daily podcast, The Indicator, has coverage on their feed. We’ll have an episode in the Planet Money feed soon, in the meantime, here’s some background listening on why this is so important. 

Years before she joined the Fed, we profiled the work of Lisa Cook. Listen here.

Also these: 

The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford.

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Short Wave - A Lock of Hair Could Rewrite Knowledge Of The Inca Empire

The Inca Empire in South America was one of the most powerful pre-Columbian societies. It was known for the architecture of Machu Picchu, an extensive road network and a system of terraces for agriculture. The society also kept records known as khipu, which involved a system of tying knots to encode sophisticated information.

Literacy in this form of writing was assumed to be something that only the highest levels of Inca society could do. But NPR science correspondent Nell Greenfieldboyce shares how a new analysis of a cord made out of human hair may change that assumption. 


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NPR's Book of the Day - In the novel ‘Loved One,’ an ambiguous friendship is further complicated by loss

Aisha Muharrar’s debut novel Loved One is about a woman’s effort to understand her relationship with a friend who’s recently died. Julia had been friends with Gabe for nearly a decade after the two briefly dated – but their relationship became complicated right before his death. In today’s episode, Muharrar joins NPR’s Juana Summers for a conversation about ambiguous loss, uncertainty, and how the author hoped to write a book about grief that wouldn’t depress people.


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The Indicator from Planet Money - Trump’s unprecedented attack on the Fed

Last night, President Donald Trump posted a letter firing Federal Reserve Board Governor Lisa Cook. The reason? She was accused of listing two properties as her primary residences, which potentially gave her more favorable lending terms. This marks another escalation in the president’s battle for control of America’s central bank. 

We’re publishing our conversation early about whether this is legal, what the Fed might do, and how the Fed’s independence is more fragile than we may think.  

Related episodes: 

Should presidents have more of a say in interest rates? 

Can the Federal Reserve stay independent? 

It's hard out there for a Fed chair

Patent Racism
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Consider This from NPR - Can Trump call the National Guard into Chicago too?

For over two weeks, members of the National Guard have been walking the streets of Washington, D.C. -- alongside federal law enforcement and local police.

President Trump has said there is a “crime emergency” in the nation’s capital -- and has openly hinted at taking similar actions in other Democratic-led cities like Chicago, New York and Baltimore.

But while the president has unique authorities over the District of Columbia, federalizing the National Guard in U.S. states will require a higher legal standard.

Georgetown University law professor Steve Vladeck breaks it down.


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This episode was produced by Brianna Scott. It was edited by Patrick Jarenwattananon. It features additional reporting by Frank Langfitt. Our executive producer is Sami Yenigun.

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State of the World from NPR - Where do Peace Talks Between Russia and Ukraine Stand?

President Trump has made clear he’s interested in ending the war Russia has waged on Ukraine. After a flurry of diplomatic meetings with Russian President Vladimir Putin, Ukrainian President Volodymyr Zelenskyy and a variety of European leaders, is the prospect of peace near? We hear from NPR’s correspondent in Moscow and a national security correspondent from the New York Times on whether progress has been made.

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Up First from NPR - Fed Governor Fired, Trump Expands National Guard, Abrego Garcia Back in Custody

President Trump has moved to fire a member of the Board of Governors of the Federal Reserve. The President has also taken action to eliminate cashless bail and expand the role of the National Guard as part of his crackdown on crime in Washington, DC. And, Kilmar Abrego Garcia has been taken into custody and faces deportation to Uganda. 

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Today’s episode of Up First was edited by Padma Rama, Rafael Nam, Eric Westervelt, Lisa Thomson and HJ Mai.

It was produced by Ziad Buchh, Nia Dumas and Mansee Khurana.

We get engineering support from Stacey Abbott. And our technical director is Carleigh Strange. 

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