最高法院通过保护美联储免受政治积极进取的人员变更来保证市场

美国最高法院周四向金融市场和中央银行家放心

The U.S. Supreme Court on Thursday signaled that the Federal Reserve remains immune to politically motivated personnel changes, a move that will likely reassure financial markets and central bankers.

美国最高法院周四表明，美联储仍然不受政治动机的人事变更的影响，此举可能会使金融市场和中央银行提升。

What Happened: In a 7-2 ruling that grants President Donald Trump broader authority to remove federal officials, the Court upheld the recent dismissal of two federal labor board members by Trump.

发生了什么：在7-2的裁决中，总统唐纳德·特朗普（Donald Trump）更广泛的权力撤职，撤职联邦官员，法院维持了最近被特朗普驳回了两名联邦劳工委员会成员。

Crucially, the Court's opinion also signaled that the Fed stands separate from other government agencies, structuring it as a “uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks.”

至关重要的是，法院的意见还表明，美联储与其他政府机构分开，将其构成“独特的，准私人的实体，遵循第一银行和第二银行的独特历史传统。”

That brief statement helps quell fears that Trump might try to fire Federal Reserve Chair Jerome Powell, a move that would likely rattle global financial markets.

这一简短的声明有助于平息担心特朗普可能会试图解雇美联储主席杰罗姆·鲍威尔（Jerome Powell），这一举动可能会骚扰全球金融市场。

See More: Jerome Powell Says Fed Is Prepared To Adjust Rate Hikes If Needed

查看更多：杰罗姆·鲍威尔（Jerome Powell）说，美联储准备在需要时调整加息

Trump's frustrations with Powell, and his threat to fire him, have been well-documented. Throughout his first term, Trump lashed out at the Fed Chair for not cutting interest rates more aggressively.

特朗普对鲍威尔的挫败感，以及他对解雇他的威胁，已得到充分记录。在他的第一任期中，特朗普在美联储主席猛烈抨击，因为他们没有更积极地降低利率。

suggesting on several occasions that he could remove Powell.

在几次中，他可以去除鲍威尔。

Recently, Trump has once again floated the idea, criticizing Powell over the Fed's stance on rate adjustments despite signs of slowing inflation.

最近，特朗普再次提出了这一想法，尽管迹象表明通货膨胀率放缓，但仍批评鲍威尔对利率调整的立场。

"They say no, but I can fire Jerome Powell," Trump said last week during a meeting with economists at the White House.

特朗普上周在与白宫的经​​济学家会面时说：“他们说不，但我可以解雇杰罗姆·鲍威尔。”

However, Thursday's Supreme Court ruling makes it clear that while the president may have expanded authority over traditional independent agencies - like the National Labor Relations Board (NLRB) and the Merit Systems Protection Board (MSPB) - the Federal Reserve is different.

但是，周四的最高法院裁决明确指出，尽管总统可能已经扩大了对传统独立机构的权力，例如国家劳资关系委员会（NLRB）和绩效系统保护委员会（MSPB），但美联储却不同。

"Congress may create independent administrative agencies, and it may decide, in structuring those agencies, to place limits on the president's power to remove agency officials," Kagan wrote in the majority opinion, which was joined by Chief Justice John Roberts and Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, and Brett Kavanaugh.

卡根（Kagan）在多数意见中写道：“国会可能会建立独立的行政机构，并决定在构建这些机构时，以限制总统罢免机构官员的权力。”

"But Congress's decision to create such an agency is fundamentally a matter of "political judgment' and policy preference," Kagan added.

Kagan补充说：“但是国会决定建立这种机构的决定从根本上讲是“政治判断”和政策偏好的问题。

"That judgment is expressed in the statutes Congress enacts and in the structure of the administrative institutions Congress creates."

“该判决是在国会法规中表达的，并在国会创造的行政机构的结构中表达。”

The ruling saw Justices Elena Kagan, joined by Justices Sonia Sotomayor and Ketanji Brown Jackson, dissent sharply, arguing that the decision undermines decades of legal precedent and stated congressional intent by allowing presidents to dismiss agency heads without cause.

该统治者看到了大法官埃琳娜·卡根（Elena Kagan），由大法官索尼亚·索托马约尔（Sonia Sotomayor）和凯琳吉·布朗·杰克逊（Ketanji Brown Jackson）迅速持不同意见，认为这一决定破坏了数十年的法律先例，并通过允许总统驳回代理机构的负责人无效。

"The implications of today's ruling are sweeping and serious," Kagan wrote in her dissenting opinion.

卡根（Kagan）在反对意见中写道：“当今裁决的含义是彻底而严肃的。”

"The Court's holding eviscerates bedrock principles of administrative law and threatens to disrupt the stability of critical federal institutions."

“法院的裁定是行政法的基岩原则，并威胁要破坏关键联邦机构的稳定。”

Kagan highlighted the risk of destabilizing agencies whose work impacts millions of Americans - and indirectly, the economy - alluding to the potential chaos a political shake-up at the Fed might trigger.

Kagan强调了破坏稳定机构的风险，这些机构的工作影响了数百万美国人，并间接地暗示了潜在的混乱，这可能会引发美联储的政治动荡。

"The upshot is an economically disastrous no-win scenario: Continue paying outlays that threaten to bankrupt the Treasury, or shut down large swaths of the government and devastate the lives of millions of Americans," Kagan warned.

卡根（Kagan）警告说：“取消事物是一种经济上灾难性的无胜利场景：继续支付有可能破产国库的武器，或关闭了大量政府并摧毁了数百万美国人的生活。”