**[The Federal Reserve's Independence Faces the "Trial of the Century": Credibility at Stake]** Odaily Planet Daily News – This week, the Federal Reserve will face the most severe test of its independence in its century-long history. This is not just about the fate of one official but will also determine whether the Federal Reserve becomes the "backyard" of the U.S. President. The case revolves around Trump's attempt to dismiss Federal Reserve Governor Cook on the grounds of alleged mortgage fraud. In extreme scenarios, this case could erode the cherished independence of the Federal Reserve. Even if it doesn't go that far, it could provide the first "playbook" for a president on how to remove someone from this highly protected central bank governing body. Dismissing a Federal Reserve governor is supposed to be a difficult task, a principle reflected in the "for cause" requirement and the 14-year term, though few manage to serve the full term. Monetary policy decisions sometimes bring painful short-term economic impacts, which are often unfavorable for officials constrained by two- or four-year election cycles. (Jin10)