The Supreme Court Set the Bar for Removing a Fed Governor. The October Memo Is Engineered Around It.
No president has ever removed a Federal Reserve governor. Trump tried in August 2025 and lost at the Supreme Court in June 2026, which set a "substantial threshold" for cause and required notice and a hearing. The White House response, published in the Federal Register on 14 October, is a panel of three with no banking experience, meeting closed for four hours, that may amend its own rules. The question is whether that satisfies the standard or hollows it out.