{"id":10183,"date":"2025-05-28T11:49:27","date_gmt":"2025-05-28T09:49:27","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/?p=10183"},"modified":"2025-05-28T11:49:36","modified_gmt":"2025-05-28T09:49:36","slug":"what-makes-the-fed-so-special-insights-from-elena-kagan","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/what-makes-the-fed-so-special-insights-from-elena-kagan\/","title":{"rendered":"What Makes The Fed So Special? Insights from Elena Kagan"},"content":{"rendered":"

<\/p>\n

Antonin Scalia<\/b> built a reputation for his sharp jabs towards his fellow justices. While we admire the clever wordplay that introduced terms like jiggery-pokery<\/b> into our vocabulary, his teasing often conveyed a combative and mocking tone typical of early snark. Here at Above the Law<\/a><\/b>, we embrace that spirit! However, Elena Kagan<\/b> employs a more refined approach, akin to a professor\u2019s disapproving gaze accompanied by the phrase, \u201cI\u2019m not mad, just disappointed that you\u2019re stupid.\u201d This delivers a unique burn that surpasses the effects of terms like \u201cpure applesauce\u201d and \u201cargle-bargle.\u201d<\/p>\n

Once again, she is making her voice heard.<\/p>\n

In the case of Trump v. Wilcox<\/em>, the Supreme Court<\/b> invoked its emergency application process, commonly referred to as the Shadow Docket<\/b>, to permit the administration to proceed with its plans to \u201cfire\u201d members of the NLRB<\/b>. This board was statutorily created to protect its members from sudden political changes influenced by the presidency and is designed to maintain a bipartisan structure. However, Trump<\/b> aims to remove any Democratic representatives from this crucial entity, which is responsible for preventing individuals like Elon Musk<\/b> from replacing unionized workers with underage laborers subjected to grueling assembly line conditions. To achieve this goal, he has attempted to dismiss the Democratic members of the NLRB, arguing that he is not subject to any laws that restrict his power to terminate officials with executive authority, even if they are merely part of a bipartisan committee.<\/p>\n

Lower courts had previously issued orders preventing the administration from dismissing board members while they deliberated on whether Trump possesses the authority to terminate NLRB members. Typically, first-year legal procedures would suggest that stays are meant to maintain the status quo. However, the Supreme Court\u2019s<\/b> conservative majority opted to deviate from this norm, declaring that \u201cthe Government faces greater risk of harm from an order allowing a removed officer to continue exercising executive power than a wrongfully removed officer faces from being unable to perform her statutory duty.\u201d Essentially, they imposed \u201ca stay on the stay.\u201d<\/p>\n

The majority argues that \u201cA stay is appropriate to avoid the disruptive effect of the repeated removal and reinstatement of officers during the pendency of this litigation.\u201d This reasoning favors leaving the current board members in place unless they decide to shadow overrule Humphrey\u2019s Executor<\/em> before the case even reaches the Court for a substantive ruling. This is not the intended purpose of the Shadow Docket, which saw minimal action until it was rediscovered around 2017, when the justices recognized they had stumbled upon a powerful tool that could serve their future interests.<\/p>\n

Justice Kagan highlights the absurdity of issuing a stay from the Shadow Docket by stating:<\/p>\n

\n

However, that reasoning reveals the ultimate flaw in their argument. As the case reached us, Wilcox<\/b> and Harris<\/b> had been reinstated to their positions due to the combined rulings of both the district and appellate courts. Thus, by re-removing them, the majority\u2019s order itself causes disruption\u2014unless, of course, it presupposes or implies that they will be re-removed next Term anyway.<\/p>\n<\/blockquote>\n

Kagan reserved her most cutting critiques for the majority\u2019s most poorly conceived conclusion.<\/p>\n

The looming threat of overturning nearly a century\u2019s worth of precedent established by Humphrey\u2019s Executor<\/em> could grant Trump the authority to dismiss members of the Federal Reserve<\/b>, potentially leading to a collapse of the global economy. While some justices might revel in the chaos\u2014*cough* Thomas\u2014others, like John Roberts<\/b>, prefer to keep their own financial interests safe from the whims of Fed Chairman<\/a><\/b> Peter Navarro<\/b>. It\u2019s acceptable to hand over regulatory power over telecommunication and electoral laws to Trump\u2019s unilateral control, but they draw the line at jeopardizing the stability of the Dow<\/a><\/b>.<\/p>\n

Though it appears impossible to disentangle these issues, the Court made a sincere effort to do so.<\/p>\n

\n

We respectfully disagree. The Federal Reserve<\/b> operates as a uniquely structured, quasi-private entity that follows a distinct historical tradition, tracing its roots back to the First and Second Banks of the United States. Refer to Seila Law<\/b>, 591 U. S., at 222, n. 8.<\/p>\n<\/blockquote>\n

Justice Kagan is distinctly unimpressed by the majority’s attempt to simplify the far-reaching implications of their ruling into a single sentence.<\/p>\n

\n

Except, apparently, when it comes to the Federal Reserve<\/b>. The majority concludes today\u2019s order by asserting, out of nowhere, that it has no bearing on \u201cthe constitutionality of for-cause removal protections\u201d for members of the Federal Reserve Board<\/b> or the Open Market Committee<\/b>. Ante, at 2. I\u2019m relieved to hear it, and I have no doubt about the majority\u2019s intention to safeguard the Fed. However, this order presents a conundrum. The independence of the Federal Reserve<\/b> is based on the same constitutional and analytical foundations as those of the NLRB<\/b>, MSPB<\/b>, FTC<\/b>, FCC<\/b>, and others\u2014all fundamentally relying on Humphrey\u2019s<\/em>.<\/p>\n<\/blockquote>\n

The phrase \u201cBut then, today\u2019s order poses a puzzle\u201d is undeniably cutting. It\u2019s the kind of statement that inspires anxiety among first-year law students facing cold calls.<\/p>\n

\n

Thus, the majority is compelled to present a different narrative: The Federal Reserve<\/b>, they argue, is a \u201cuniquely structured\u201d entity with a \u201cdistinct historical tradition\u201d\u2014citing footnote 8 of this Court\u2019s opinion in Seila Law<\/b>. Ante, at 2 (citing 591 U. S., at 222, n. 8). However, this footnote offers no substantial support. Its only pertinent sentence refutes an argument posed in the dissenting opinion, \u201ceven assuming that financial institutions like the Second Bank and Federal Reserve can claim a special historical status.\u201d A mere assumption made to appease the dissent is wrongly elevated to a judicial holding.<\/p>\n<\/blockquote>\n

Using footnote 8 in this fashion resembles one of those generative AI missteps where it selects a case based on keywords without recognizing its irrelevance in the current context. The originalist justices of the majority seem disinterested in providing any other support<\/em> for this assertion. Was there not some unpublished note discovered on Alexander Hamilton<\/b>\u2019s desk that could have at least added some weight to their argument?<\/p>\n

\n

For the majority\u2019s attempt to craft new legal standards on the emergency docket (the depreciation of Humphrey\u2019s<\/em>) necessitates yet another move (the establishment of a unique exemption for the Federal Reserve<\/b>). If the goal is to reassure the markets, a more straightforward\u2014and judicious\u2014approach would have been to deny the President\u2019s request for a stay on the ongoing authority of Humphrey\u2019s<\/em>.<\/p>\n<\/blockquote>\n

This would be a stinging critique if the majority possessed any semblance of shame.<\/p>\n

Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter<\/a> or Bluesky<\/b> if you\u2019re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search<\/b>.<\/em><\/strong><\/p>\n

For more of the latest updates in litigation<\/b>, regulation<\/b>, deals<\/b>, and financial services<\/b> trends, sign up for Finance Docket<\/b>, a partnership between Breaking Media publications Above the Law<\/b> and Dealbreaker<\/b>.<\/em><\/p>\n

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