Trump v. Slaughter · ¶249
Even assuming the majority is right that the Federal Reserve's historical pedigree gives it a special place in the constitutional structure, that just leaves the majority with yet additional workability problems. How close is close enough for a historical analogue of this kind? Does any agency that “infuence[s] monetary policy” qualify? Ibid. Is it relevant that the modern agency, like the Bank of the United States, is “quasi-private”? Wilcox, 605 U. S., at 923. What happens if Congress adds new functions beyond the historical baseline? See, e. g., 12 U. S. C. § 504 (granting the Federal Reserve authority to secure civil penalties of up to $1 million per day); see also A. Bamzai & A. Nielson, Article II and the Federal Reserve, 109 Cornell L. Rev. 843, 863, 887 (2024) (describing executive powers of the Federal Reserve). In short: When, exactly is our law “ `trapped in amber,' ” and…Read in context ›
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