In May, however, the Court also signaled that the Federal Reserve is special. In Trump v. Wilcox (2025), the Court indicated that Trump may not fire the Fed’s leaders because that agency is a “uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”

The U.S. Supreme Court heard arguments on Wednesday over President ‌Donald ​Trump's attempt to fire Federal Reserve Governor Lisa Cook.

Justice Brett M. Kavanaugh, in an exchange with Sauer, said Trump’s position would “weaken, if not shatter, the independence of the Federal Reserve.”