Heron Therapeutics enters supply agreement with Patheon and Thermo Fisher
Investing.com-- The U.S. Supreme Court on Thursday signaled that the Federal Reserve was immune to personnel changes spurred by President Donald Trump, helping soothe concerns that he will fire Fed Chair Jerome Powell.
In ruling on Trump’s recent firing of two federal labor board members, the Supreme Court included a line that said the Fed was a “uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks.”
Still, the Supreme Court upheld Trump’s removal of the two labor board members as they contested their firing earlier this year.
The case was closely watched, amid fears that it could set a precedent for Trump firing more federal employees, specifically Powell. The 47th U.S. President has repeatedly criticized Powell while badgering him to cut interest rates.
Trump’s comments on Powell and his firing of the labor board members had sparked concerns that he would attempt to oust Powell, especially given that the Fed Chair has rejected calls to lower interest rates immediately.
Powell has said that he is not worried about being removed, and that he plans to serve his full term until May 2026.