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fines. The Court has held that if an agency exercises executive power only in a fraction of its functions, it is subject to the president’s removal power.

The cleanest solution would be to pass a constitutional amendment authorizing an independent Fed or a similar entity. Short of that, the Federal Reserve’s regulatory functions could be handed over to another executive agency (although core monetary functions of the Fed also may be executive in nature).

The Supreme Court will surely be reluctant to grasp the nettle on the Fed. Yet, there’s little doubt that, on the legal merits, Lisa Cook should be sending out her resume.

Rich Lowry is editor of the National Review.

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