President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.

It immediately launched a legal fight over the validity of Trump’s move and raised concerns about the future of Fed independence.

On today’s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout — and the potential long term ramifications.

Read more: Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight

President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.
It immediately launched a legal fight over the validity of Trump&rsquo;s move and raised concerns about the future of Fed independence.
On today&rsquo;s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout &mdash; and the potential long term ramifications.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-08-26/trump-removes-fed-governor-lisa-cook-effective-immediately?srnd=homepage-americas">Trump Moves to Fire Fed&rsquo;s Cook, Setting Up Historic Fight</a>

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Why Trump Is Trying to Fire Lisa Cook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/238757cf-954c-4d98-88ee-b345015e22b5/transcript

The mayor of an affluent suburb of Los Angeles pleaded guilty to acting as an agent of the Chinese government last month. And while cable networks across the US had a field day with the story, Bloomberg’s Drake Bennett and Jordan Robertson have been reporting on cases like this one for years. The two co-hosted the podcast series, The Sixth Bureau, which detailed the inner workings of one of the most powerful and mysterious spy agencies in the world, China’s Ministry of State Security.

On today’s Big Take podcast, Drake and Jordan walk host David Gura through what we know about Wang’s case and what it tells us about the extent of Chinese propaganda and espionage in the United States amid ongoing tensions between the world’s two superpowers.

Further listening: http://swap.fm/l/9guIFZxhu17KqTWLxBFh 

Read more: https://www.bloomberg.com/features/the-sixth-bureau/

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by Julia Press and Victor Yvellez; Reported by Drake Bennett and Jordan Robertson; Edited by Nicole Beemsterboer

Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The mayor of an affluent suburb of Los Angeles pleaded guilty to acting as an agent of the Chinese government last month. And while cable networks across the US had a field day with the story, Bloomberg&rsquo;s Drake Bennett and Jordan Robertson have been reporting on cases like this one for years. The two co-hosted the podcast series, The Sixth Bureau, which detailed the inner workings of one of the most powerful and mysterious spy agencies in the world, China&rsquo;s Ministry of State Security. On today&rsquo;s Big Take podcast, Drake and Jordan walk host David Gura through what we know about Wang&rsquo;s case and what it tells us about the extent of Chinese propaganda and espionage in the United States amid ongoing tensions between the world&rsquo;s two superpowers.
Further listening:&nbsp;<a href="http://swap.fm/l/9guIFZxhu17KqTWLxBFh">http://swap.fm/l/9guIFZxhu17KqTWLxBFh</a>&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/features/the-sixth-bureau/">https://www.bloomberg.com/features/the-sixth-bureau/</a>
We have a special Bloomberg subscription offer for podcast listeners at <a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by Julia Press and Victor Yvellez; Reported by Drake Bennett and Jordan Robertson; Edited by Nicole Beemsterboer
Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

China Is Recruiting US Citizens to Work for Its Government

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d48e3747-0c05-4fdb-b106-b459013fc6b5/transcript

Free speech lawyers are watching in real time as the US government escalates efforts to unmask anonymous critics of ICE.

On today’s Big Take podcast, Justice Department reporter Jimmy Jenkins and legal reporter Zoe Tillman join host David Gura to break down their exclusive reporting on how the DOJ is deploying an old legal tool in a novel way.

We’ll hear from an attorney defending one of the users and explore what the new strategy means for social media platforms, online anonymity and First Amendment freedoms. 

Read more: The DOJ Wants to Know Who on Reddit and X Is Criticizing ICE's Tactics

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by Julia Press; Reported by Jimmy Jenkins and Zoe Tillman; Edited by Jeffrey Grocott

Fact-checking by Rachael Lewis-Krisky and Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Free speech lawyers are watching in real time as the US government escalates efforts to unmask anonymous critics of ICE.
On today&rsquo;s Big Take podcast, Justice Department reporter Jimmy Jenkins and legal reporter Zoe Tillman join host David Gura to break down their exclusive reporting on how the DOJ is deploying an old legal tool in a novel way.
We&rsquo;ll hear from an attorney defending one of the users and explore what the new strategy means for social media platforms, online anonymity and First Amendment freedoms.&nbsp;
Read more:&nbsp;<a href="https://www.bloomberg.com/news/articles/2026-05-28/trump-s-doj-ramps-up-probes-of-anonymous-ice-critics-with-x-reddit-subpoenas">The DOJ Wants to Know Who on Reddit and X Is Criticizing ICE's Tactics</a>
We have a special Bloomberg subscription offer for podcast listeners at <a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by Julia Press; Reported by Jimmy Jenkins and Zoe Tillman; Edited by Jeffrey Grocott
Fact-checking by Rachael Lewis-Krisky and Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The DOJ's Campaign to Track Down Anonymous ICE Critics

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/24a08645-12c8-46f7-97cc-b458015c86b7/transcript

The US Justice Department has announced it would establish a $1.776 billion legal fund to compensate people who claim they’ve been targeted unfairly by the federal government. The plan has been met with swift bipartisan backlash, with some lawmakers calling it a “slush fund” that could line the pockets of Trump loyalists and Jan. 6 rioters with taxpayer dollars.

On today’s Big Take podcast, host Sarah Holder joins Bloomberg reporters Chris Strohm and Erik Wasson to break down the mechanics of the fund, the Trump administration’s rationale for using it and the mounting questions around its oversight and legal grounds.

Read more: Jan. 6 Rioters Who Beat Police May Get Payouts, Blanche Says

Trump’s $1.8 Billion Settlement Fund Hits Senate GOP Backlash

Why Critics Call Trump’s $1.8B Anti-Weaponization Fund an Abuse of Power

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by David Fox; Reported by Chris Strohm, Erik Wasson; Edited by Aaron Edwards.

Fact-checking by Laura Newcombe, Rachael Lewis-Krisky; Engineering by Emma Munger.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The US Justice Department has announced it would establish a $1.776 billion legal fund to compensate people who claim they&rsquo;ve been targeted unfairly by the federal government. The plan has been met with swift bipartisan backlash, with some lawmakers calling it a &ldquo;slush fund&rdquo; that could line the pockets of Trump loyalists and Jan. 6 rioters with taxpayer dollars.
On today&rsquo;s Big Take podcast, host Sarah Holder joins Bloomberg reporters Chris Strohm and Erik Wasson to break down the mechanics of the fund, the Trump administration&rsquo;s rationale for using it and the mounting questions around its oversight and legal grounds.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-05-19/jan-6-rioters-who-fought-police-could-get-payouts-blanche-says">Jan. 6 Rioters Who Beat Police May Get Payouts, Blanche Says</a>
<a href="https://www.bloomberg.com/news/articles/2026-05-21/gop-stalemates-on-trump-ballroom-funding-weaponization-fund">Trump&rsquo;s $1.8 Billion Settlement Fund Hits Senate GOP Backlash</a>
<a href="https://www.bloomberg.com/news/articles/2026-05-21/trump-s-1-8b-anti-weaponization-fund-fuels-corruption-claims">Why Critics Call Trump&rsquo;s $1.8B Anti-Weaponization Fund an Abuse of Power</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by Sarah Holder; Produced by David Fox; Reported by Chris Strohm, Erik Wasson; Edited by Aaron Edwards.
Fact-checking by Laura Newcombe, Rachael Lewis-Krisky; Engineering by Emma Munger.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Unpacking Trump’s $1.8 Billion Anti-Weaponization Fund

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/76c475dd-c4c8-4651-95dc-b457014a52fc/transcript

Why Trump Is Trying to Fire Lisa Cook

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