The Federal Reserve’s independence matters now more than ever

As a former board member, vice chairman and chairman of the Federal Reserve Bank of Philadelphia, I share the concerns of economists worldwide. President Trump’s current assault on the Fed, for purely political purposes, is certain to have a devastating impact on not only the U.S. economy but economies around the world.

During my term of service, I never once saw or heard any attempt to arrive at a decision for political reasons by either the Board of the Bank, the Board of Governors or staff. In fact, to the contrary, the importance of independence of the Fed was understood and held sacred by all. The independence of the Fed is not an accident and has proven vital to U.S. economic growth and stability.

The U.S. economy is the largest and strongest in the world. The dollar is the standar