President Trump’s attempted removal of Federal Reserve Governor Lisa Cook is a flagrant violation of the law. The Federal Reserve Act is clear: Fed governors can only be removed for serious misconduct, and there’s no credible basis for that. By targeting Governor Cook—who brings vital expertise to economic policymaking and is the first Black woman to ever serve on the Fed Board—Trump undermines both the rule of law and extremely hard-won progress toward inclusive leadership in our economic institutions.

Further, this move radically undermines what Trump says his own goal is: lowering U.S. interest rates to spur faster economic growth. Instead, it will likely raise interest rates over the long term and lead to higher costs for working people.

Why will this happen? The interest rates that

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