In a farewell article published on Wednesday, Atlanta Federal Reserve President Raphael Bostic expressed concern that the American public is beginning to question the Fed's independence, emphasizing that this independence must be protected.
Bostic wrote, "My engagements over recent months have made it clear to me that the legal and rhetorical battles surrounding the central bank are causing various sectors of society to doubt the Federal Reserve's independence. This is deeply troubling."
The Federal Reserve is facing unprecedented pressure from President Donald Trump and officials within his administration to lower interest rates. Last year, Trump became the first president to attempt to remove a Federal Reserve governor, seeking to oust Lisa Cook based on unsubstantiated allegations of mortgage fraud. A legal challenge filed by Cook is currently proceeding through the courts.
Additionally, the U.S. Department of Justice has issued a subpoena to the Fed concerning testimony from Chair Jerome Powell related to office renovation projects. Powell has stated that he believes this investigation is an attempt by the Trump administration to influence monetary policy.
"When these disputes are ultimately resolved, I will no longer be a member of the Federal Reserve," said Bostic, who is retiring from the Fed at the end of this month. "I will be watching closely, hoping that the wisdom rooted in the U.S. economy's significant success over many years will prevail."
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