Why US Federal Reserve has historically been independent of the White House

WASHINGTON, August 26, 2025 (AP) President Donald Trump says he is firing Federal Reserve Governor Lisa Cook late Monday, in a move viewed as a sharp escalation in his battle to exert greater control over the independent institution. Trump said in a letter posted on his Truth Social platform Monday that he is firing Cook because of allegations that she committed mortgage fraud. The allegation was made last week by Bill Pulte, a Trump appointee to the Federal Housing Administration, an agency that regulates mortgage giants Fannie Mae and Freddie Mac. Cook previously said she would not leave her