America Needs an Independent Fed
Paul A. Volcker, Alan Greenspan, Ben Bernanke, and Janet Yellen coauthored an op-ed in the Wall Street Journal warning against politicizing Federal Reserve policy. The four former Fed chairs, who collectively served across a forty-year span and were appointed by six presidents, believe that the erosion of the central bank's independence will undermine financial markets and damage the economy. The article begins:
As former chairs of the board of governors of the Federal Reserve System, we are united in the conviction that the Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons.