A U.S. Justice Department official urged Federal Reserve Chair Jerome Powell to remove Lisa Cook from the Federal Reserve's Board of Governors as it plans to investigate Cook for alleged mortgage fraud,

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation.

WASHINGTON — President Trump appointed one of his top economic advisers to serve on the Federal Reserve Board of Governors Thursday — after months of pressuring Fed Chairman Jerome Powell to resign or demanding the board stage a coup to lower interest rates.

The president’s call appears to be his latest effort to influence the central bank board as he demands lower interest rates.