The futures file · every date somebody in power set, and what was standing there when it arrived

29 June 2026Kept

The Supreme Court decides Trump v. Slaughter

Decided 6-3: the FTC's removal protection is contrary to the separation of powers

Six to three: a commissioner's protection from removal is "contrary to the separation of powers," because the Constitution "vests the whole executive power in the President." Ninety years of Humphrey's Executor came down to an observation about agencies that exercise no part of that power.

The same Court, the same morning, refused five to four to let him remove a governor of the Federal Reserve: the government's reading, the Chief Justice wrote, "would in effect transform the Federal Reserve's for-cause protection into at-will employment." He alone can fix it, except where the interest rates are.

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