Our Republican Legacy (ORL) Policy Statement in Support of Federal Reserve Independence

The issue. President Trump’s irresponsible attacks on the independence of the Federal Reserve and on its Board Chairman Jerome Powell damage our economy and create yet another self-inflicted financial wound in the early days of this Administration. These attacks, intended to deflect attention from the negative impact of his tariff policy, are creating havoc in U.S. financial markets, destroying wealth, decimating retirement savings, undermining the value of the U.S. dollar, raising the cost of financing our public debt, and reducing trust in the United States as a place to invest and do business to grow our economy.

ORL policy position. Based on ORL’s principles on free markets and the Constitution, ORL strongly supports the independence of the Federal Reserve to fulfill its mission of price stability and long-term employment. We support Chairman Powell, who Trump appointed in his first term, fulfilling his current term. We oppose President Trump’s attacks on the central bank’s longstanding independence. We oppose his attempt to control interest rates and divert public attention from the negative impact of his destabilizing and erratic tariff policy.

Action required. ORL calls on President Trump to desist from all further political attacks on the independence of the Federal Reserve and Chairman Powell’s leadership. We urge him to affirm his belief in the independence of the Federal Reserve and his full support of the Chairman.

ORL calls on Congress to reassert its Constitutional authority over fiscal policy and to oppose the President’s use of executive orders to usurp congressional responsibility for taxing, spending, and regulating foreign commerce. We urge House and Senate authorizing committees to conduct hearings to examine the depth and breadth of the harm to our economy caused by the President’s economic policies and to initiate legislation to restore  trust in our economy as an attractive place to invest and do business under the rule of law.