CNBC’s Eamon Javers joins 'The Exchange' to discuss to wrap up takeaways from the Lisa Cook hearing.

Washington

A federal court hearing examined the president's effort to terminate Federal Reserve Governor Lisa Cook, following new mortgage fraud accusations from the FHFA director. The judge did not make a decision on whether to block the termination, instead requesting additional documents and scheduling further proceedings.

During the hearing, the Department of Justice argued that the president has broad authority to remove Cook and that public notice via social media could suffice for due process. Cook's attorney countered that relevant information was available during her Senate confirmation. The court has not yet addressed the truth of the allegations, and Cook has not publicly responded to them.

DOJ argues it has not heard explanation from Fed Governor Lisa Cook

The FHFA director, Bill Pulte, lobbing yet another mortgage fraud accusation at Cook overnight just ahead of today's court hearing on her attempt to block her termination. That's just where we start today. Eamon Javers is in Washington with the latest. Eamon, get us up to date. Yeah, Courtney, that court hearing is now over and it was non-determinative. That is, the judge did not decide whether or not to issue a preliminary injunction to block the president's attempt to fire Lisa Cook from the Fed. The judge here says she wants to see more documents, she's going to resume everything on Tuesday. So we go into the Labor Day weekend really with a question mark over the Fed and over this position at the Fed, whether or not Cook will be able to keep her job or not. The second half of this hearing was fascinating because this was the part of the hearing where the Department of Justice, Yakov Roth, the attorney arguing for the president, made its case that the president does have full authority to fire Lisa Cook from the Fed and doesn't need to really abide by much in the way of due process, that a public notice via tweet is enough in terms of due process to Lisa Cook. And then got into this definitional question of what is for cause anyway. It's not defined in the statute, so it's going to be up to the judge here to decide. And what Roth said, speaking for the president, is that for cause is more than just a policy disagreement and it has to bear on the officials' ability to do their job. And then Roth also added, you could argue that the cause needed to be known, not known at the time of the Senate confirmation hearing. That is, that the president can't go back to something that came up during Senate confirmation and say, actually, you know, the Senate didn't consider that enough and therefore I'm firing this person. So that opened up an opening for Abby Lowell, the attorney for Lisa Cook, to say, well, wait a second. If you're saying that it had to be unknown at the time of the Senate confirmation hearing, we'll go back and we'll pull all the documents that Lisa Cook sent up to the Senate, which definitely include her mortgage and all of the information around her banking. And we will show that this was a known issue at the time, or at least knowable by the Senate, which had access to all these same documents and didn't make a big stink about it at the time. So that was an interesting back and forth, but ultimately inconclusive here today, Courtney, in terms of whether or not the court's going to step in and block the president from firing Lisa Cook. I know you're not an attorney, Eamon. I guess you're trying to play one on TV for us, at least to explain some of these proceedings. So forgive me if these questions aren't fair to your personal expertise, but you've been following this so closely, if anyone knows, it's probably you. So I guess just for a point of reference, this hearing today was just about whether or not this firing can happen, not about whether the allegations are actually true or not. Is that correct? Yeah. Well, that's another question that the judge is going to have to adjudicate here, right? This was just the very first hearing in this lawsuit. So this was just the most preliminary proceeding, but it did really get into a very philosophical debate on what does it mean to have cause to fire someone and what is the president's authority as you look at Abby Lowell there, the attorney for Lisa Cook. And so they didn't really get into the underlying allegation. What Abby Lowell said in the hearing is that Lisa Cook hasn't had a chance to defend herself at all. You know, we haven't even asked whether or not an accountant filled out these forms that are at issue or a lawyer filled out these forms, whether Lisa Cook even knew that these things were being asserted on her behalf or not. What the government said is they say, look, Lisa Cook has not defended herself at all. She hasn't said anything in public about this. She hasn't defended herself. She hasn't provided an explanation. Therefore, if she could have, she certainly would have by now. Therefore, she doesn't really have anything useful to say. We can move forward with this firing. Wow. A lot of moving parts. Eamon, thank you so much for being here with us and following all those details. It's really valuable.

The Trump administration is planning expanded immigration operations in Chicago next week, two Department of Homeland Security sources tell CBS News. Camilo Montoya-Galvez reports.

Chicago

Trump planning immigration crackdown in Chicago next week: sources

Iran-backed Houthi Prime Minister Ahmed al-Rahawi was killed in Israeli airstrikes on Sanaa, according to Yemeni and Israeli reports. The strikes also targeted top military officials, including the group's defence minister.

Sana'a

Iran-backed Houthi PM killed in Israeli airstrikes on Yemen's capital

Chinese President Xi Jinping will be flanked by leaders of some of the world's most heavily sanctioned nations at a World War Two military parade in Beijing next week, in a show of solidarity against the West.

Beijing

China to stage massive military parade as Xi hosts sanctioned leaders

The multinational peacekeeping force known as UNIFIL has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah conflict last year.

Beirut

UN votes to end peacekeeping force in Lebanon after five decades

Russia, set to assume the UN Security Council presidency in October, has proposed extending the resolution that governs the snapback mechanism, potentially intensifying a diplomatic standoff with European powers.

Moscow

Russia slams European push to reimpose UN sanctions on Iran

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Ukraine Invasion

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

New York

Middle East Conflict

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

Global Tariffs

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Trump endorses death penalty return in Washington D.C.

As the Israeli military gives an initial assessment of deadly strikes on a Gaza hospital, hundreds of thousands of protesters urged Prime Minister Benjamin Netanyahu to accept a ceasefire with Hamas in exchange for a hostage deal.

Tel Aviv-Yafo

Protesters urge Netanyahu to reach hostage deal

Cracker Barrel says it will go back to its old logo after facing intense backlash and seeing its company value to sink by nearly $100 million after switching to a new design last week. In a statement, Cracker Barrel thanked their guests for sharing their voices.

Cracker Barrel scrapping new logo, returning to old one after backlash

The small West Tennessee town of Mason, just 2 square miles in size, is home to about 1,000 people. But its residents are now divided by what a new immigration detention facility will mean for the area.

Mason

Small Tennessee town divided over new ICE detention facility

A standoff is brewing between President Trump and economist Lisa Cook. Mr. Trump tried to fire her, claiming "there is sufficient cause" to believe that Cook made false statements on one or more mortgage agreements.

Trump clashes with Fed board member Lisa Cook, pushing to oust her

Protesters demanding an end to the Gaza war and the return of hostages to their homes took to the streets in Israel on Tuesday ahead of a security cabinet meeting scheduled for the evening.

Israeli protesters demand hostage deal as cabinet set to meet

Australia accused Iran on Tuesday (August 26) of executing two antisemitic arson attacks in the cities of Sydney and Melbourne and gave Tehran's ambassador seven days to leave the country, its first such expulsion since World War Two.

Council of the City of Sydney

Australia expels Iranian envoy over antisemitic attacks

President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook, the only Black woman to serve on the board. Critics call it an attack on the Fed's independence, while Cook says no legal cause exists for her firing.

Trump says he fired Lisa Cook from Federal Reserve board

U.S. President Donald Trump signed an executive order creating new National Guard units, including a rapid-response force to handle what the administration calls civil disturbances.

White House authorizes creation of rapid-response National Guard units

Billionaire entrepreneur Elon Musk’s artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in U.S. federal court in Texas, accusing them of illegally conspiring to thwart competition for artificial intelligence.

Texas

Rise of AI

Elon Musk's xAI sues Apple, OpenAI over competition claims

Strikes on the Nasser hospital in Gaza that left at least 20 people dead, including rescuers, journalists and health-care workers are being met with global outrage. The Israeli military is investigating what Israel Prime Minister Benjamin Netnayahu called a ‘tragic mishap.’

Breakdown