When President Donald J. Trump moved to fire Federal Reserve governor Lisa D. Cook this week, he touched off an immediate debate about what the law means when it says a Fed governor can be removed only “for cause.” Supporters of Ms. Cook insist that the standard requires proof of serious misconduct. Supporters of the White House argue that a president has wide discretion to determine what constitutes cause.
The disagreement is not new. In fact, it dates back nearly a century — to a moment when Congress accidentally erased the “for cause” protection and then scrambled to restore it.
A Clause That Mysteriously Disappeared
The Federal Reserve Act…
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