How Supreme Court Could Imperil Fed Independence: Judge & Menand

The Supreme Court is considering a dangerous emergency petition from President Donald Trump. If the justices adopt any part of his argument — that presidents should be able to override legislation establishing independent agencies like the Federal Reserve and remove their leaders without notice or cause — the court could immediately destabilize markets and permanently harm the US economy. Something as seemingly minor as a stay pending appeal, the relief the president seeks, could seriously damage Fed independence.

The case at hand does not involve the Fed directly. It follows Trump’s attempt to fire, without reason, the leaders of ...