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Abstract

The Supreme Court in Trump v Cook carved out an exception for the Federal Reserve Bank to the unfettered right of the president to terminate administrative employees at will, a right it established the same day in Trump v. Slaughter. Rather than entirely eliminating the need for “cause,” the Court maintained the requirement in the bank context and defined it as something more than just a reason to dispose of a political adversary. The Court relied on historical and traditional support for insulating the Federal Reserve and pragmatism to protect against national economic turmoil. This Note explains how the Cook/Slaughter dichotomy turns on the idea that the federal bank is unique with respect to executive power.

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