What Congress should do about the Fed’s independence

For many decades, the politicians of both parties and almost all economists have recognized the independence of the U.S. Federal Reserve as a cornerstone of the American economy — and indeed the world economy. The Fed’s independence fuels our nation's prominence in the world economy and supports international and domestic investment.

Recent reports, while rarely naming names, assure us that both Democratic and Republican members of Congress continue to believe all of this.

What can Congress do, though, if President Donald Trump wins his battle to remove members of the Fed’s Board of Governors? Let us imagine the worst (but likely) future and assume that the Supreme Court would back the president, either by declaring as unconstitutional the statutory protections requiring "cause" for remo