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Old 03-04-2020, 10:48 AM   #1
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SCOTUS weighing issue of agency independence (could affect Federal Reserve?)

Quote :
... at the Supreme Court Tuesday, the court's conservative majority voiced skepticism about the independent agency Congress created to protect consumers from abuse in the financial services industry.

In the aftermath of the financial crisis, the CFPB enacted new rules to safeguard the mortgage market and protect consumers from abusive and misleading practices involving everything from credit cards to debt relief. The bureau is headed by a single director, appointed by the president for a five-year term, and lodged in the Federal Reserve.

In order to ensure the director's independence, the law bars the president from firing him or her for any reason except malfeasance, inefficiency, or neglect of duty.

It is that independence from presidential firing that is being challenged as unconstitutional by Seila Law — a law firm under CFPB investigation for misleading practices — and the Trump administration. Both the firm and the administration are asking the Supreme Court, if necessary, to strike down a long line of decisions going back almost a century, that uphold the structure of all independent regulatory agencies.
...
At the end of the day, there appeared to be five conservative justices unwilling to recognize that kind of independence for the CFPB, and four liberal justices with an opposite view.

A decision in the case is expected this summer.
https://www.npr.org/2020/03/03/81171...tection-agency

If SCOTUS rules 5-4 to give the President authority to fire at will, it could open the door for political pressure to coerce Fed policy. Big ramifications on this one.
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Old 03-14-2020, 01:12 PM   #2
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Quote :
President Donald Trump launched another attack on Jerome Powell Saturday, suggesting he could remove the Federal Reserve Chairman and place him in another role within the central bank.

Speaking to reporters at the White House as part of a briefing on efforts to combat the coronavirus outbreak, Trump once again expressed his displeasure with the Fed and its Chairman, accusing them of "following, not leading" in terms of offering monetary support for the world's biggest economy during the global pandemic.

Trump also said that he had "the right" to fire Powell, but wouldn't do so, instead suggesting he could come the Chairman "into another role" at the Federal Reserve instead.
...
https://www.thestreet.com/investing/...different-role

SCOTUS ruling will be very interesting indeed.
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