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00:00Mike, I want to build on what you were talking about earlier on this morning, that the president's come out and said Lisa Cook is fired and the Fed governor says, no, she's not. So is she fired or isn't she? We don't know. That is the interesting question right off the bat this morning. If she shows up to work, what happens? Does the Fed keep her out? Does the president send us marshals to take her out of the Fed? How does this play out and who takes it to court? We assume it'll all end up in court and the issue will be the for cause clause in the Federal Reserve Act. Does whatever she did rise to the level of for cause? The courts have generally held that it involves what you do officially on the job malfeasance or neglect of the job, things like that, rather than personal things that took place before you were nominated to the Fed. But that's a question for another day. First, we got to find out exactly what her status is. So, Mike, there's some weird things going on here. It's very difficult to track this potentially two different tracks. One, you've got legal proceedings that haven't opened up yet and may not over serious allegations of mortgage fraud. And the other one is whether the president can actually fire a sitting Fed governor. Mike, how you tracking both at the same time? Well, we're watching to see what, if anything, the Fed can say. They don't have the facts yet on what Lisa Cook's mortgage situation was. So they're not going to be able to publicly defend her until and if she can show that she is innocent. If she's not, if she did do something wrong, then there's a good chance the Fed might ask her to step down. But they don't know that yet. So they're keeping their distance from all of this. And the administration hasn't said anything since the president put out his statement last night. But we have to watch and see how they follow up on that. And obviously, Mr. Trump has a number of appearances today and he'll do some stuff before the cameras and we might find out more.

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Can Trump Fire Fed Governor Cook?

President Donald Trump moved to oust Federal Reserve Governor Lisa Cook, citing "sufficient cause" based on allegations she made false statements on one or more mortgage loans. Cook is refusing to quit. Bloomberg's Michael McKee reports on what could be coming next. (Source: Bloomberg)

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