The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Gabriel Rubin

WASHINGTON, June 29 (Reuters Breakingviews) - The Supreme Court shielded central bankers from presidential firing, while letting the White House gut every other agency. It's a Pyrrhic victory on the eve of the country's 250th anniversary. Wall Street, M&A and other enforcers will be freer of vital checks and balances.

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CONTEXT NEWS

The U.S. Supreme Court on June 29 refused to let President Donald Trump fire Federal Reserve Governor Lisa Cook as it stood firm to preserve the central bank's independence against an unprecedented challenge by the Republican president.

In another ruling released simultaneously, the court backed his dismissal last year of Rebecca Slaughter, a Democratic member of the Federal Trade Commission and signaled that longstanding protections for independent agency commissioners no longer apply.