Arm's-length regulators need protection from executive interference

The notion that "democratic accountability" justifies conferring such unfettered power on Executive is not just incorrect, but also shows inadequate understanding of modern structures of governance

Recent reports from the United States indicate that President Donald Trump has attempted to fire Governor Lisa Cook of the Federal Reserve. This action is unprecedented and has prompted a lawsuit from Ms Cook, who has refused to step down. The legality of the move is being (apparently successfully) challenged, as the law allows the President to remove a governor only “for cause”. The Trump Department of Justice had earlier initiated a criminal investigation against her, and Mr Trump has claimed that’s sufficient grounds to sack her.  

These events serve as a timely reminder of a