Trump v. Cook · ¶107

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 584–587, the Act does not mention notice or a hearing.

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