my point is they are extra constitutional, They are subject to statutory control by amendment. They should be audited annually. I agree they will cause a recession to hurt the Trump Presidency and when they do I think they should be altered statutorily . They are not above the law .
Important new information from Freeper expat_panama:
Section 10.2 of the Federal Reserve Act. The relevant passage is quoted below (highlighted for emphasis.[1]
Upon the expiration of the term of any appointive member of the Federal Reserve Board in office on the date of enactment of the Banking Act of 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President.
My interpretation:
“Cause” being unspecified works fine for Trump. The onus would be on the court system to prove that blatant and notorious disregard for the separation of powers between the Dept. of Treasury and the Federal Reserve is not cause. In general, where legislative terms are poorly defined, it is up to the executive branch to interpret.