The Court Just Killed a 90-Year-Old Check on Presidential Power — Then Carved Out an Exception for the Fed
For ninety years, a single 1935 precedent stood between the president and total control over the officials who regulate the economy: the Federal Trade Commission, the Federal Reserve, the National Labor Relations Board, the Securities and Exchange Commission. Presidents could not simply fire the people who ran these agencies because they disagreed with a ruling or wanted a loyalist in the seat. Congress built them to be insulated — for cause removal only, not at-will. On June 29, 2026, the Supreme Court ended that. And in the very same batch of opinions, it decided the rule didn’t apply to the one agency that matters most to financial markets. ...