Supreme Court Upholds Federal Reserve Governors' Removal Protections

The Supreme Court has issued a 5-4 ruling affirming the constitutionality of 'for-cause' removal protections for Federal Reserve governors. This decision requires the President to provide notice and a hearing before removing a governor from office. The ruling also declined to stay a lower court's preliminary injunction, allowing Governor Lisa Cook to remain in her position. This outcome has significant implications for the independence of the Federal Reserve and the structure of federal governance.