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Tuesday, April 15, 2025

The Bank of the United States and the Unitary Executive

Gerard N. Magliocca

I'm sure somebody must have said this before, but anyway.

Under the unitary executive theory, why was the Bank of the United States constitutional? The Bank was led by a Director who could not be removed by the President. It was the most "independent" independent agency in our history. This was, of course, one reason why the Bank was unraveled in 1836.

Perhaps the answer is that central banking is not part of the executive power. This would explain why the Federal Reserve also sits outside the unitary executive. But if central banking is not part of the executive power, what else falls outside of that category?



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