Jerome Powell: “The threat of criminal charges is a consequence of the Fed setting rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”

Three pillars of a democracy:
- Legislature (makes laws)
- Executive (implements laws)
- Judiciary (interprets laws)

The President leads the Executive Branch, and the central bank operates as an independent entity within the government, accountable to Congress but insulated from direct political control over monetary policy decisions.