The four living former chairs of the Federal Reserve on Monday called for the U....
WASHINGTON - The four living former chairs of the Federal Reserve on Monday called for the U.S. central bank to remain free to work independently and without fear of political reprisals in a rare joint public statement.
The public pressure on the Fed by a U.S. president has been unprecedented, as the institution has traditionally been viewed as independent. Volcker was first appointed by Democratic President Jimmy Carter and reappointed to a second term by Republican President Ronald Reagan. Greenspan was appointed by four different presidents — Reagan, Republicans George H.W. Bush and George W. Bush, and Democrat Bill Clinton. Bernanke was appointed by George W. Bush and reappointed by Democratic President Barack Obama. Yellen was appointed by Obama.
On Wednesday, the Fed cut interest rates for the first time in a decade and moved up plans to stop shedding its bond holdings. In explaining the cut, Powell cited signs of a global slowdown, U.S. trade tensions and an effort to raise inflation.
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