2 Supreme Court rulings treat the Fed as an exception

Today, the Supreme Court blocked President Trump from immediately removing Federal Reserve governor Lisa Cook, affirming in a five-to-four decision that the central bank requires independence to set interest rates. Chief Justice John Roberts wrote that removing a Fed governor demands legal cause and procedural protections—not arbitrary dismissal. But the ruling had a stunning companion: the same court struck down nearly a century of precedent protecting the Federal Trade Commission and other regulators from at-will presidential removal. The result, according to Axios, is a lopsided power shift—the Federal Reserve keeps its institutional armor, but virtually every other independent agency just lost theirs.

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