Making the Fed more accountable could fend off Trump’s threats. Here’s how

The Federal Reserve—one of the world’s most powerful institutions—affects the U.S. economy in a way that no other part of government can. Interest rates, inflation, and bank regulation are all shaped by Fed policy and impact the everyday financial life of Americans, whether they realize it or not. Its decisions can influence everything from the cost of a mortgage to business hiring and the pace of economic growth. As a result, Fed critics on both the left and the right have long asked whether…