Lev Menand
speaker
1,295 appearances
6 recordings
1 series
first heard Jan 2025
last heard 17 Jul
Lev Menand’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
So the Fed
Has the same basic legal architecture as these other multi-member commissions.
It has seven governors, so it's a board of seven members, and those members are all tenured for a term of years.
They have office security.
The Secretary of the Treasury has no term of office.
They are appointed for no particular term and can be removed at any time.
The board members all have particular terms and can be removed only.
only for cause.
So these are the things that are in common.
There is an effort underway, in particular in conservative legal circles, and in part in the judicial branch, by those who are interested in overturning Humphrey's executor.
To divine, discover, construct some type of Fed exception, some way to distinguish the Fed constitutionally from these other multi-member commissions, such that, were the court to say Humphrey's executor is overruled.
It would not necessarily mean the president could fire Jay Pal at pleasure.
These efforts are pretty incohate.
They're pretty intellectually unsatisfying, but it's worth sort of trying to tease them out because there is a real desire for the court to protect the Fed independence.
And in trying to understand what's going to happen next, we have to sort of evaluate how plausible it is that the court would be able to embrace some type of rationale for why the Fed is the, you know, the one independent agency.
that the president doesn't have the constitutional power to control.
Yeah, so great question.
This is a slight detour, but I think it's important.
The demise of Humphrey's executor has been prognosticated for 15 years now.
It dates back to a Roberts Court decision in 2010 with respect to an organization called the PCAOB, which oversees accountants and is part of the SEC.
Showing 721–740 of 1,295 · page 37 of 65
← Previous
Next →