I'm John Bachelor. I welcome my good colleague, Richard Epstein, Professor Richard Epstein teaches law at NYU in the University of Chicago.

He's at the Civitas Institute to comment on activity of the Supreme Court in these last days to do with the Federal Reserve Board.

This is a clash of checks and balances.

Richard, a very good evening to you.

Lisa Cook is a member of the Federal Reserve Board of Governors.

For some months now, there have been allegations, chiefly from the administration,

that Lisa Cook is not worthy of remaining on the board because, and that the president

has the right to fire her,

because this matter has come to the Supreme Court very quickly for oral arguments within these last days.

It's significant to me than in attendance at this argument before the Supreme Court,

not only Jerome Powell, the chairman of the Federal Reserve, who himself is now accused by the Trump administration of misconduct because, but also Ben Bernanke, the previous chairman of the Federal Reserve, was in attendance at the Supreme Court presentation.

The case for the government was argued by the Solicitor General,

John Sauer, and the case for Ms. Cook was argued by the former Solicitor General Paul Clement.

As I understand it, all justice has participated. Everybody was very careful about

understanding the rules. What is important to me

is your vision of this matter because you have argued cogently for some time that there are

exceptions to the president's power to fire independent boards. This is a case that dates to the FDR period in Washington,

and to the sometimes arbitrariness, but certainly the imperial nature of FDR,

to fire members of boards that were understood to be independent.

Here we are in the early 21st century,

and that issue, to my knowledge, hasn't been settled. Is the Ms. Cook story likely to settle it?

Good evening to you. Nothing will settle it completely. But what's happened is I think at the last

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