Powell Warns Fed Credibility Is at Risk if Presidents Can Fire Officials

Federal Reserve Chair Jerome Powell is warning that the central bank’s credibility could be damaged if a president is allowed to fire Fed officials at will. The issue goes to the heart of Fed independence, a system that has long insulated monetary policy from direct White House control. For conservatives skeptical of unelected power, the warning also raises the familiar question of whether a powerful bureaucracy should be accountable at all. Read more about this...