Is the Fed a special exception?

In this episode, Christine Chabot of Marquette University Law School and Michael McConnell of Stanford Law School join to discuss Federal Reserve Governor Lisa Cook’s termination and the broader legal and constitutional issues it raises, such as the constitutionality of the Federal Reserve and the scope of the president’s removal power. 

Resources

• Trump v. Wilcox (2025)
• Collins v. Yellin (2021)
• Seila Law LLC v. Consumer Financial Protection Bureau (2020)
• Humphrey’s Executor v. United States (1935)
• Christine Chabot, “Is the Federal Reserve Constitutional? An Originalist Argument for Independent Agencies,” Notre Dame Law Review (2020)
• Michael McConnell, “Opinion: Save the Federal Reserve’s independence by splitting the agency,” Washington Post (September 3, 2025)

In our new podcast, Pursuit: The Founders’ Guide to Happiness, Jeffrey Rosen explores the founders’ lives with the historians who know them best. Plus, filmmaker Ken Burns shares his daily practice of self-reflection. 

Listen to episodes of Pursuit on ⁠⁠Apple Podcast⁠⁠ and ⁠⁠Spotify⁠⁠. 

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