All living former U.S. Federal Reserve chairs, including Alan Greenspan, Ben Bernanke, and Janet Yellen, have signed an amicus brief urging the Supreme Court to allow Lael Brainard to continue her term as a Federal Reserve Board member. The brief, signed by 18 other prominent economists and advisors, warns that removing Brainard amid legal challenges would undermine the 90-year-old safeguards for administrative independence established by Congress.
The signatories emphasize that central banks setting interest rates without short-term political pressures can effectively reduce inflation and lower long-term rates. This collective appeal highlights the importance of maintaining the Federal Reserve's independence to ensure stable economic policy-making.
Former Fed Chairs Urge Supreme Court to Uphold Central Bank Independence
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