Trump v. Cook · ¶40

Having rejected both parties’ positions, we need not fully demarcate the contours of “cause” today. For present purposes, it is sufficient to observe that any definition of “cause” in this context must reflect the Federal Reserve’s unique historical status and role. See supra, at 1–6; cf., e.g., Board of Street Comm’rs, 96 Md., at 237–238, 53 A., at 924 (focusing upon “the nature of the service to be performed” and “the duties of the office”); Hart, 53 Minn., at 244, 55 N. W., at 120 (similarly focusing upon “the character of the office” and “the qualifications necessary to fill it”). Like its predecessors, the Federal Reserve operates at a deliberate remove from the ordinary political process. It sets its own budget, free of congressional control. §243. It consists in large part of privately owned (and operated) entities, namely, the regional banks. §222. And its policies are set not…

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