As a former Board Member, Vice Chairman and Chairman of the Federal Reserve Bank of Philadelphia, I share the concerns of economists worldwide.
President Donald Trump’s current assault on the Fed for purely political purposes is certain to have a devastating impact on not only the US economy but economies around the world.
During my term of service, I never once saw or heard any attempt to arrive at a decision for political reasons by either the Board of the Bank, the Board of Governors or staff. The independence of the Fed was understood and held sacred by all. The independence of the Fed is not an accident and has proven vital to U.S. economic growth and stability.
The U.S. economy is the largest and strongest in the world. The dollar is the standard currency of the world. That is no accident, either. This is due in no small part to the stability of U.S. monetary policy, free from political intervention for short-term gain.
My service with the Fed has been the highlight of my business career. I have been fortunate to see the system work first-hand and this blatant attempt to destroy a central banking system that has become the envy of the world personally grieves me.
James M. Mead, Camp Hill, Pa.
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