Trump Targets Fed Independence in Wake of Supreme Court Decision

A recent Supreme Court decision has put the Federal Reserve's independence in jeopardy. According to Alton Frye, presidential senior fellow emeritus of the Council on Foreign Relations and a fellow of the National Academy of Public Administration, this decision has left the Fed's independence 'in a precarious state.'

Frye argues that the Government Accounting Office (GAO) could protect the Fed from political influence by applying its model to the central bank. He claims that insulating the Fed would align with Congress's powers and the Constitution, rather than those of the president.

Trump's actions have raised concerns about his intentions for the Fed. Despite the GAO's potential role in safeguarding the Fed's independence, Frye notes that it is unlikely to be advanced by Trump or his supporters in the short term.