Trump v. Cook · ¶106

The Federal Reserve Act authorizes the seven members of the Board to serve 14-year terms unless the President dismisses them for “cause.” §242. Congress included the “cause” requirement in the original 1913 Act, see §10, 38 Stat. 260, inadvertently removed it in 1933, and restored it in 1935. See Cushman 167–169; Act of June 16, 1933, §6(a), 48 Stat. 166–167; Act of Aug. 23, 1935, §10, 49 Stat. 704– 705. In full, the Act’s relevant provision, which is the sole basis for the Court’s decision today, states that “each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President.” 12 U. S. C. §242. Unlike many other contemporaneous statutes that provided for removal only after “notice and a hearing,” see infra, at 19–21, the Act does not mention notice or a hearing.

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