Do liberals need to choose between defending democracy and the Fed?

Lisa Cook, governor of the Federal Reserve, during the Federal Reserve Board open meeting on June 25, 2025, in Washington, DC. | Al Drago/Bloomberg via Getty Images Donald Trump has declared war on the Federal Reserve’s independence. On Monday, the president ordered the removal of Lisa Cook from the central bank’s Board of Governors. Cook, an economist appointed by Joe Biden, holds one of the 12 votes that determine whether the Fed will raise or lower interest rates.  Trump wants a central bank that will do his bidding. But he cannot legally replace Federal Reserve governors before t