Bloomberg: U.S. Supreme Court Suggests Trump Can't Fire Fed Chair Powell

BlockBeats News, May 23rd. According to Bloomberg, the U.S. Supreme Court said on Thursday that the Federal Reserve is a "uniquely structured quasi-private entity." For Powell, the decision somewhat clarified his job security after a period of uncertainty, allaying concerns that the President might dismiss him.

This ruling allows Trump to dismiss two other members of independent agencies, Gwynne Wilcox of the National Labor Relations Board (NLRB) and Cathy Harris of the Merit Systems Protection Board (MSPB). However, the U.S. Supreme Court stated in its ruling that "we disagree" with Wilcox and Harris's argument that their legal challenge to their dismissals "necessarily means that for-cause removal protection for Federal Reserve Board members or other FOMC members is unconstitutional."