SCOTUS signals Fed chair may be safe from firings

The US Supreme Court signaled that President Donald Trump cannot fire Federal Reserve officials, suggesting it differs from other independent agencies.

In a ruling on labor board firings,  SCOTUS did not block Trump’s decision to remove the officials, but argued that the Fed, as “a uniquely structured, quasi-private entity,” was protected.

It is a key win for the central bank, Politico reported, given that Trump has repeatedly threatened to try and fire Fed chair Jerome Powell.

The dismissal of the labor board members will return to a lower court. Trump said more recently he has “no intention” of firing Powell, but said that if he wanted to remove him, “he’ll be out of there real fast.”