"Earlier today, the Trump administration filed an application asking the Supreme Court to allow him to issue an injunction, allowing him to fire Fed governor Lisa Cook. Back in May, while deciding another stay boiling down to whether Trump can unilaterally remove NLRB commissioners, in spite of clear protections from politically motivated firings, the Court brushed off the statutory "for cause" provisions, claiming that Article II gave the president the power to fire anyone exercising any executive power."
"But this ruling, taken to its logical end, authorized the president to fire Federal Reserve Board members, including Chair Jerome Powell. This wasn't an idle concern, either, as Trump had been whining incessantly about wanting to be rid of Powell and blasting the idiot who appointed him. Which was actually Trump himself, but this is what happens when someone with clear signs of dementia occupies the Oval Office."
"To avoid watching their own blue chip stock portfolios turn into a bundle of NFTs - and to a lesser extent, from their perspective, "destroying the economy" - the conservatives threw in "out of the blue" as Justice Kagan noted in dissent, an advisory carve out for the Fed on the grounds that "The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition." At which point, the White House began plotting how it would grab the Court."
The Trump administration filed an application with the Supreme Court seeking permission to issue an injunction that would allow the president to fire Federal Reserve governor Lisa Cook. A prior May decision narrowed statutory "for cause" removal protections by invoking Article II, effectively permitting the president to remove officials exercising executive power, which could include Federal Reserve Board members. Conservatives inserted a Fed-specific carve-out citing the Fed's unique, quasi-private structure to avoid market disruption. The White House identified Lisa Cook as a test case and began preparing to challenge the Court's limits on presidential removal authority.
Read at Above the Law
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