CASE
SUMMARY
The Board of Governors of the Federal Reserve exercises executive power. It promulgates regulations—using the same notice-and-comment rulemaking procedures as other federal agencies—and it enforces them, imposing penalties, including fines, on violators.
Because the Board’s members exercise executive power, the President has the absolute authority to remove them—at any time, for any reason. That is because Article II of the Constitution vests all executive power in the President, which means that anyone else exercising executive power does so in the President’s stead. And that is true regardless of the quantity or quality of the executive power that an agency or official possesses. The President’s absolute removal power is essential to his fulfillment of his duty to “take Care that the Laws be faithfully executed.”