President Donald Trump’s move last week to fire Federal Reserve governor Lisa Cook is attracting all the attention, but a far more consequential constitutional question looms. The president dismissed Cook “for cause,” which is permitted by the relevant statute. Whether that “cause” — her apparent misstatements on mortgage documents, possibly amounting to mortgage fraud — is a valid reason for dismissal might be debatable, but this dispute will affect only one seat on the seven-member board.

Far more important is whether the president may fire any and all Fed board members at will. If so, and if a compliant Republican Senate confirms all his nominees, monetary policy will be made at the president’s whim, rather than by the central bank.