SCOTUS Special (Part 2): The Federal Reserve Exception?

Part 2 of our Supreme Court Special.In this episode of Unwritten Law, NCLA President and Chief Legal Officer Mark Chenoweth and Senior Litigation Counsel John Vecchione are joined by NCLA Senior Litigation Counsel Jacob Huebert to examine the Supreme Court's decision in Trump v. Cook and what it means for the Federal Reserve and presidential removal power.Although the Court's decision in Trump v. Slaughter significantly expanded the President's authority to remove executive officers, Trump v. Cook stopped short of applying that reasoning to the Federal Reserve. Jacob explains why the Court emphasized the Federal Reserve's unique historical role, how Chief Justice Roberts relied on history and tradition, and why the Justices treated monetary policy differently from other executive functions.The discussion explores the government's arguments, standing, the Court's emergency-docket analysis, Justice Thomas's separate writing, and why Myers, Humphrey's Executor, and the First and Second Banks of the United States all played an important role in the Court's reasoning.Mark, John, and Jacob also discuss what constitutional questions remain unresolved, whether the Federal Reserve's regulatory powers could still face future challenges, and why Trump v. Cook may not be the final word on presidential control over independent agencies.