When President Donald Trump publicly demanded Federal Reserve Governor Lisa Cook “resign immediately” over questions about a mortgage application, it wasn’t just about one official. It was the latest step in a broader campaign to break the central bank’s culture of insulation from voters and to make the Fed answerable to Main Street.

For decades, tension between presidents and unelected Fed officials has defined economic power in the United States.  While presidents answer to voters every four years, Fed governors serve 14-year terms and make decisions that shape home ownership, job prospects, and growth, without facing the electorate.

Trump’s Master Plan

Trump’s broader plan to make the Fed accountable to Main Street appears to have three key components:

In confronting the reliability of economic data, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer — citing repeated releases of inaccurate employment data. In doing so, Trump signals that he will not tolerate fake news data dependence as a cover for Fed interest rate policy.

In showing the Fed is out of touch, Trump is applying relentless public pressure on the Federal Reserve — calling out Fed Chair Jerome Powell for........

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