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Federal Reserve issues rare statement asserting independence amid Trump pressure
(www.theguardian.com)
this post was submitted on 30 May 2025
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I'm sure the tyrant toddler is having a little bitch baby tantrum right about now.
Also, now Powell needs 24/7 protection from the magat terrorists.
Yeah, well, about that. https://www.supremecourt.gov/docket/docketfiles/html/public/24a966.html (note this is a preliminary injunction to allow Trump to fire democrat members of a Congressionally appointed bi-partision governing body - just like the Fed).
From the dissent:
The majority closes today’s order by stating, out of the blue, that it has no bearing on “the constitutionality of for-cause removal protections” for members of the Federal Reserve Board or Open Market Committee. Ante, at 2. I am glad to hear it, and do not doubt the majority’s intention to avoid imperiling the Fed. But then, today’s order poses a puzzle. For the Federal Reserve’s independence rests on the same constitutional and analytic foundations as that of the NLRB, MSPB, FTC, FCC, and so on—which is to say it rests largely on Humphrey’s.
The whole opinion (PDF link) is worth reading, but basically SCOTUS just gave a green light to fire independent board members without cause. The Fed absolutely is in danger, even if the majority of the court thinks that for some magical reason the same legal basis that allows the termination of National Labor Relations Board (NLRB) and Merit Systems Protection Board (MSPB) doesn't apply.
There's a great podcast, Main Justice that goes into this better than I possibly can.
Except his term ends next year, the position is a presidential appointment, and Matt Gaetz is looking for a job.