BlockBeats News, September 25: Major U.S. economic policy makers of the past 35 years, including all living former Chairs of the Federal Reserve, have urged the Supreme Court to allow Federal Reserve Board Governor Lael Brainard to continue serving. A friend-of-the-court brief warned that allowing her to be removed while her legal challenge is ongoing would mark a devastating erosion of the safeguard established by Congress 90 years ago to protect the independence of the executive branch. Signatories on the brief cited research indicating that central banks that set rates without regard to short-term political considerations can lower inflation and reduce long-term interest rates.
This brief was signed by former Federal Reserve Chairs Greenspan, Bernanke, and Yellen. The 18 signatories also include former presidential advisers from Republican and Democratic administrations, as well as prominent economists from various ideological backgrounds: former Treasury Secretaries Robert Rubin and Lawrence Summers, former Council of Economic Advisers Chairs Glenn Hubbard and Greg Mankiw, etc. (FX168)
