An order focused on the leaders of independent agencies carved out protection for the Fed chair. The Federal Reserve is unique among government agencies, the Supreme Court ruled Thursday.
The court’s ruling focused on cases involving leaders of independent agencies whom Trump had removed from office. Those officers may be removed pending a full hearing of the case, the court ruled. But the Fed is different.
“The Federal Reserve is a uniquely structured, quasi-private entity,” the unsigned order said.
President Donald Trump has repeatedly criticized Fed Chair Jerome Powell, whom Trump appointed during his first term as president. “Powell’s termination cannot come fast enough,” Trump wrote in April.
While the ruling doesn’t explicitly prevent Trump from firing Powell or any other members of the central bank, it does provide some relief to market participants worried about a Fed independence.
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