Breitbart Business Digest: How the Fed Destroyed Its Own Independence

From Conventions to Crisis: The Breakdown of Federal Reserve Independence

How did we get here?

This week saw a series of unprecedented events that may signal the end of the form of central bank independence as we have known it for more than a century.

First, we had President Donald Trump’s announcement that he was removing Lisa Cook from the Federal Reserve Governor seat she has occupied since she was confirmed in 2022. Never before has a U.S. president attempted to remove a Fed governor.

Next, the Federal Reserve itself appeared to rebuke the president , seeming to ignore his order removing Cook while signaling they would only defer to the judicial branch’s decision about whether Cook would remain in the position to which Joe Biden elevated her. Never before has the Federal Rese