Supreme Court insulates Federal Reserve while backing Trump firing of agency leaders

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Supreme Court insulates Federal Reserve while backing Trump firing of agency leaders

The U.S. Supreme Court building in Washington, July 19, 2024.

Kevin Mohatt | Reuters

The Supreme Court on Thursday strongly suggested that Federal Reserve board members would have greater protection against being fired by a president in a ruling that for now allows President Donald Trump to fire two members of other federal agencies’ boards.

The Supreme Court in its ruling said, “We disagree” with arguments by Gwynne Wilcox and Cathy Harri that their legal challenges to their terminations “necessarily implicate the constitutionality of for-cause removal protections for members of the Federal Reserve’s Board of Governors or other members of the Federal Open Market Committee.”

“The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,” the majority ruling said.

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