President Trump’s return to the White House has sparked a resurgence of interest in central bank independence. One Federal Reserve governor, Michael Barr, said he would step down from his Vice Chairman position earlier this month, avoiding a direct conflict with the administration that could have triggered his demotion or firing — and a lengthy court battle on the legality of such an action. Mr. Trump has intimated he wants to replace the Fed chairman, Jerome Powell, and has explicitly stated his desire for lower interest rates, as well.