1787 will always respect the independence of the Federal Reserve. We will never interfere with the Fed’s decisions, and we will never attempt to compromise its integrity by engaging in highly destructive political games.

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The knowledge that the world’s most powerful central bank sets monetary policy based on economic conditions instead of political considerations is one of the most fundamental principles of free markets, the U.S. economy, and economies around the world. Limiting the Fed’s autonomy to do things like, say, moderate long-term interest rates or bring more liquidity into trading through the buying and selling of securities would destabilize investor confidence in our markets and threaten financial stability around the globe.

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The Federal Reserve System is the central bank of the United States. It is an agency of the federal government that reports to and is directly accountable to the U.S. Congress. Although this creates an interdependent relationship between the Federal Reserve and Congress, it is critical that the Fed remain independent of anything having to do with politics.

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Donald Trump has tried everything under the sun to undermine this principle, relentlessly criticizing and threatening its independence – to the point that the U.S. Department of Justice opened a criminal investigation into its chairman.

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This should come as no surprise, because he started this nonsense in his first term. Then and now, he has repeatedly said things like, “I feel the president should have at least [a] say in there. I think that in my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman.”

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Several other Republicans have also led aggressive attacks against the Federal Reserve. In March 2025, Senator Mike Lee (R-UT) and Representative Thomas Massie (R-KY) introduced the Federal Reserve Board Abolition Act to dissolve the Board of Governors of the Federal Reserve System and the Federal Reserve banks. The proposed legislation would also repeal the 1913 Federal Reserve Act, the legislation that established the Federal Reserve System in the first place. < This legislation was first introduced by former Representative Ron Paul (R-TX) in 1999 and hasn’t been reintroduced since 2013. >

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In their statement announcing the legislation, Senator Lee called the Fed an “economic manipulator that has directly contributed to the financial instability many Americans face today.” He went on to say that his legislation “aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption.” For his part, Rep. Massie said that “Americans are suffering under crippling inflation, and the Federal Reserve is to blame.”

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These assertions are absurd. For decades, regardless of who was in the White House or in the seats of Congress, countries around the world have had incomparable trust in the economic integrity of the United States of America. This has made America a magnet for long-term investment; led to the dollar being the global reserve currency; and inspired continued faith in U.S. Treasurys.

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The recipe for the extraordinary economic position we hold in the world is simple: fidelity to smart, rigorous economic norms and structured international economic order; nonpolitical institutional integrity; and commitment to the rule of law. The Federal Reserve is a huge part of that.