The independence of the Federal Reserve is facing its most severe test in a century

This week, the Federal Reserve will face its most severe independence challenge in its century long history, involving US President Trump's attempt to hire Federal Reserve Governor Cook on suspicion of mortgage fraud. This case may affect the independence of the Federal Reserve and provide operational guidance for the President on how to dismiss Federal Reserve governors. The dismissal of Federal Reserve governors requires meeting the requirement of "justifiable reasons" and a term of up to 14 years, but few people can serve their full term.