Trump v. Cook · ¶73

Second, in establishing some of those legal and procedural ground rules, the Court confirms the longstanding historical practice and understanding that the Federal Reserve is an independent agency whose Governors enjoy for-cause removal protection consistent with Article II of the Constitution. The Government itself expressly “acknowledge[d]” and did “not disput[e]” that point in this case, even as the Government simultaneously (and successfully) argued that the for-cause removal protections for most independent agencies violate Article II. Tr. of Oral Arg. 6, 48; see Trump v. Slaughter, ＿＿＿ U. S. ＿＿＿ (2026). Specifically, the Government recognized the “long tradition of having this exercise of monetary policy be exercised independent of . . . executive influence.” Tr. of Oral Arg. 48. The Government further “acknowledge[d] what the Court said in Wilcox, which is that” the Federal…

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