In March 2025, President Trump fired FTC Commissioner Rebecca Kelly Slaughter, telling her in an email that allowing her to remain on the commission would be “inconsistent” with his administration’s priorities. A few months later, he fired Federal Reserve Governor Lisa Cook, alleging that she’d committed mortgage fraud – an allegation that she denies. But can the president fire employees of independent agencies at will? Host Laura Jarrett speaks with Kannon Shanmugam, head of the Supreme Court & Appellate practice at Davis Polk, which won Seila v. CFPB, a landmark constitutional challenge that ultimately invalidated the structure of the Consumer Financial Protection Bureau. Shanmugam breaks down how he convinced the justices that the CFPB violated the separation of powers – and explains why the court might view the FTC and the Federal Reserve differently.

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