Trump v. Cook · ¶58

We disagree, as did “the founders of our Government and framers of our Constitution” when they “were actively participating in public affairs.” Myers v. United States, 272 U. S. 52, 175 (1926). They knew from experience (and Hamilton reminded them) of the calamities that could arise from even the “suspicion” of political manipulation of monetary policy. Report on a National Bank 331. So when they established the First Bank of the United States, they guaranteed its independence from Presidential control. Their successors did the same for the Second Bank. That enabled both banks to serve as the “great regulating wheel” of the early American financial system. Lomazoff 53; see also id., at 51–68, 142–146 (discussing the banks’ role as a “watchdog over state banks and the economy”). The Federal Reserve follows in this lineage. See supra, at 1–6. Contra, post, at 3–6, 26–27 (THOMAS, J.,…

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