The Federal Reserve's independence faces its toughest test in a century

This week, the Federal Reserve will face the most severe challenge to its independence in its hundred-year history. The case involves former U.S. President Trump attempting to dismiss Federal Reserve Governor Cook on the grounds of alleged mortgage fraud. This case could impact the independence of the Federal Reserve and provide a reference for how a president might dismiss a Fed governor. The dismissal of a Federal Reserve governor requires "just cause" and the term lasts up to 14 years, but very few complete their full term.