In a 5-4 ruling, the Supreme Court blocked President Trump’s efforts to remove Federal Reserve Governor Lisa Cook for now, delivering the Fed a victory in the grueling fight over its independence. But the decision arrived alongside another ruling that allows the president to fire a top official at the Federal Trade Commission—a move widely seen as a boon to executive power over independent agencies.

On today’s Big Take podcast, Bloomberg Fed Editor Amara Omeokwe and Senior Legal Reporter Zoe Tillman join Sarah Holder to unpack what these twin rulings mean for the Trump administration's push to assert power over long-independent government regulators, how the court singled out the Fed in its decision and what this means for the central bank and Lisa Cook’s future.

Read more: Supreme Court Expands Trump’s Power to Fire Federal Bureaucrats

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Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Zoe Tillman; Edited by Jeffrey Grocott.

Fact-checking by Laura Newcombe and Victor Swezey; Engineering by Emma Munger.

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

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In November, California will choose a new governor to replace Gavin Newsom, pitting Democratic candidate Xavier Becerra, a former US Secretary of Health and Human Services, US Congressman and state attorney general, against an unlikely Republican rival: Steve Hilton.

Hilton was born in the UK and became a US citizen only five years ago. He had a career in center-right British politics, working as an adviser for former Conservative Prime Minister David Cameron.

In 2012, Hilton moved to California, where he worked as a tech entrepreneur and as a host on right-leaning Fox News.

Hilton, who wants to be the state’s first Republican governor since Arnold Schwarzenegger, tells Mishal Husain how he joined the party, discusses the US-Israel war with Iran, his attitude to big tech and what he misses about life in Britain. He also discusses what having Donald Trump’s endorsement means for him and his campaign.

Contact The Mishal Husain Show mishalshow@bloomberg.net

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On July 1, 2025, the US effectively ended operations of the United States Agency for International Development, the global aid organization founded in 1961, cutting most staff and moving it into the US State Department.

Samantha Power, who led the agency under President Biden until early 2025, joins David Gura on the Big Take podcast to look back at what was lost, internationally and at home.

You can watch their conversation — on Ebola, Iran, Israel and Gaza — on Bloomberg.com.

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

Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott and Aaron Edwards.

Fact-checking by Laura Newcombe; Engineering by Emma Munger.

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

See omnystudio.com/listener for privacy information.