The article discusses the independence of U.S. institutions like the Federal Reserve and the FBI, contrasting their historical protections against political interference. Notably, Jerome Powell, the current Fed chairman, is safeguarded by congressional statutes. However, the precedent set by former President Trump in dismissing FBI directors underlines a shift in expectations regarding institutional independence. The dialogue suggests that, given recent political actions, the Fed chairman's job security may not be as assured as once thought, especially considering Powell's shared appointment history with Trump.
Once upon a time, the answer was a well-understood no. The Federal Reserve was created by Congress. The founding statute guaranteed the Fed's independence.
Trump forced out two FBI directors because they would not follow his orders: James Comey at the beginning of Trump's first term and Christopher Wray at the beginning of the second one.
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