So Why Is an Independent Fed Such a Big Deal?
On Everybody’s Business, we unpack Trump’s effort to control the central bank and what might happen if he succeeds. Also, Cracker Barrel and Taylor Swift.
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Why is an independent Federal Reserve such a big deal? That’s the question dominating conversations this week as President Donald Trump makes his latest unprecedented move to gain control over the US central bank. Trump declared that he was firing Federal Reserve Governor Lisa Cook, the first Black woman to serve on the board of governors. On its face, federal law bars Trump from firing Cook, who is just three years into her 14 year term, without cause. The reason behind that rule is preserving the independence of the Fed. This week on Everybody’s Business from Bloomberg Businessweek, Editor Brad Stone and Stacey Vanek Smith talk Fed independence, Cracker Barrel, as well as the upcoming wedding that’s already moving markets.