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.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
And the idea is SSA administration is nonpartisan and every president shouldn't come in and just put in their own person.
But after Collins versus Yellen, President Biden fired the Social Security Administrator.
And you got to a point where people were wondering: what about the multimember commissions themselves that Humphrey's executor was about?
Will it no longer
no longer be sustained for them either.
So what are the possible exceptions that would allow the logic of Humphreys executors to maybe apply to the Fed, even if it no longer applies to the FTC?
The one that the Trump administration is running with so far.
Is that monetary policy is somehow not sovereign executive power and can be distinguished from the other stuff the Fed does.
And that stuff is regulation of financial institutions.
So Trump put out an executive order last month, executive order 14215, which asserted
executive power over all the independent agencies and included specific carve out language for the Fed that said this order doesn't apply to the Fed with respect to its monetary policy, only with respect to its regulation and supervision of financial institutions.
Okay, so this is sort of the Trump theory.
There's some other options we can get to, but I think let's maybe think through Trump theory.
Does this make any sense?
There are some huge problems with this theory.
It just sort of suggests that they haven't spent a lot of time thinking about how the Fed conducts monetary policy and what the relationship is between monetary policy and the regulation of banks, because it's really all one and the same thing.
So the court would be hard-pressed to say, for example, just as an initial matter, you know, Jay Powell can't be removed by the president with respect to what he's doing on monetary policy, but with respect to what he's doing on bank regulation, the president could fire him for a policy disagreement.
That would just sort of fall apart pretty easily, right?
What type of independence is really left?
The president could just say, I fired him because I don't like what he was doing on bank regulation.
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