Trump v. Cook · ¶104

The Federal Reserve Board, by contrast, was an executive agency. The Board, now called the Board of Governors of the Federal Reserve System, was the “keystone” of the Act. E. Kemmerer, The ABC of the Federal Reserve System 84 (5th ed. 1920); see 12 U. S. C. §241. At its inception, as today, the Board had the power to regulate most of the banking economy. The “Board of Governors of the Federal Reserve System” has thus always been understood as “an agency of the United States Government.” 9 to 5 Org. for Women Office Workers v. Board of Governors of Fed. Re serve, 721 F. 2d 1, 2 (CA1 1983); see also Who We Are, The Federal Reserve, www.federalreserve.gov/aboutthefed/fedexplained/who-we-are.htm (archived at perma.cc/AT2PMT3W) (“a federal agency located in Washington, D. C.”); Corner Post, Inc. v. Board of Governors, 603 U. S. 799, 806 (2024) (“agency”).

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