President Trump has declared war on the prized independence of the Federal Reserve in an attempt to essentially run monetary policy out of the White House. Lisa Cook, threatened to fire Chairman Jerome Powell, and installed a top White House economist into a key Federal Reserve position. However, the Federal Reserve does not directly determine the interest rate paid on federal debt. During World War II, the Federal Reserve explicitly agreed to maintain low interest rates to help the Treasury borrow cheaply to finance the war. This period showed once again the importance of preserving Federal Reserve independence and removing short-term political considerations from monetary policy.