Peter Keisler

Even if they uphold the president's right to fire FTC commissioners and NLRB members and so on, they can say there are arguments out there that the Fed is different and we will wait to address them for another day. And that day may never come. Because, you know, last week the president said, I mean, it was almost a joke, he said, Powell's termination can't come fast enough for me.

Well, he's the president. He hasn't been shy about pushing the legal envelope. If he really wants to fire Jay Powell, he would try to.

Well, he's the president. He hasn't been shy about pushing the legal envelope. If he really wants to fire Jay Powell, he would try to.

Well, he's the president. He hasn't been shy about pushing the legal envelope. If he really wants to fire Jay Powell, he would try to.

I think you have to assume the possibility. I don't think he loved the experience when the stock market dived because of the tariffs, and he may not want to provoke a similar one, but he could wake up one morning and just be motivated to do it. And that's why I mentioned at the outset this distinction between firing and demoting, because if he was going to do it, I think he would.

I think you have to assume the possibility. I don't think he loved the experience when the stock market dived because of the tariffs, and he may not want to provoke a similar one, but he could wake up one morning and just be motivated to do it. And that's why I mentioned at the outset this distinction between firing and demoting, because if he was going to do it, I think he would.

I think you have to assume the possibility. I don't think he loved the experience when the stock market dived because of the tariffs, and he may not want to provoke a similar one, but he could wake up one morning and just be motivated to do it. And that's why I mentioned at the outset this distinction between firing and demoting, because if he was going to do it, I think he would.

And by demoting, what I mean is this. So Jay Powell is chair of the seven-member board of governors. The decision to designate one of the governors as chair The provisions in the statute about that don't have the same tenure protections that being a governor does.

And by demoting, what I mean is this. So Jay Powell is chair of the seven-member board of governors. The decision to designate one of the governors as chair The provisions in the statute about that don't have the same tenure protections that being a governor does.

And by demoting, what I mean is this. So Jay Powell is chair of the seven-member board of governors. The decision to designate one of the governors as chair The provisions in the statute about that don't have the same tenure protections that being a governor does.

So if the president, instead of saying to Jay Powell, you're fired, you're now a private citizen, like that Marco Rubio guy I was referring to earlier, if he instead said, you're still a governor, but you're no longer the chair. there would be, I think, a stronger basis for him to argue, look, Congress has never limited that particular designation decision.

So if the president, instead of saying to Jay Powell, you're fired, you're now a private citizen, like that Marco Rubio guy I was referring to earlier, if he instead said, you're still a governor, but you're no longer the chair. there would be, I think, a stronger basis for him to argue, look, Congress has never limited that particular designation decision.

So if the president, instead of saying to Jay Powell, you're fired, you're now a private citizen, like that Marco Rubio guy I was referring to earlier, if he instead said, you're still a governor, but you're no longer the chair. there would be, I think, a stronger basis for him to argue, look, Congress has never limited that particular designation decision.

And there's a default rule that says, I can change it. Now, there'd be limits there, right? He couldn't just pick anybody to succeed Powell. He'd have to pick an existing governor. Because if there's no vacancy, he can't create one by firing a governor. He can only remove the chair, make the chair a governor, and elevate somebody. But eventually, there would be a vacancy.

And there's a default rule that says, I can change it. Now, there'd be limits there, right? He couldn't just pick anybody to succeed Powell. He'd have to pick an existing governor. Because if there's no vacancy, he can't create one by firing a governor. He can only remove the chair, make the chair a governor, and elevate somebody. But eventually, there would be a vacancy.

And there's a default rule that says, I can change it. Now, there'd be limits there, right? He couldn't just pick anybody to succeed Powell. He'd have to pick an existing governor. Because if there's no vacancy, he can't create one by firing a governor. He can only remove the chair, make the chair a governor, and elevate somebody. But eventually, there would be a vacancy.

Or, you know, he could say to one of the governors that he wants to remove, how would you like to be Secretary of the Treasury? Then fire a Secretary of the Treasury, move the governor to the Treasury Department, nominate somebody new and say that person would be chair.

Or, you know, he could say to one of the governors that he wants to remove, how would you like to be Secretary of the Treasury? Then fire a Secretary of the Treasury, move the governor to the Treasury Department, nominate somebody new and say that person would be chair.

Or, you know, he could say to one of the governors that he wants to remove, how would you like to be Secretary of the Treasury? Then fire a Secretary of the Treasury, move the governor to the Treasury Department, nominate somebody new and say that person would be chair.

So there are ways to do this without putting himself in the weakest possible legal position, because I think the court would be as reluctant as the rest of us to usher in a situation where monetary policy is subject to presidential control. on a day-to-day basis. And I think they would avoid a decision doing so if they at all could.