00:01Like so many other institutions, the Fed has been undergoing a stress test.
00:06Congress wisely chose to insulate monetary policy decisions from political pressure.
00:12These protections have served the public well, and administrations from both political parties have respected them.
00:19If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as
00:28well.
00:28The public would lose faith that the central bank will make decisions based only on what's best for all Americans.
00:36The Fed's credibility would be lost.
00:39That credibility enables the Fed to support a strong and stable economy for the benefit of American families and businesses.
00:48Credibility has been built and sustained over many decades, and we have a duty to safeguard that priceless asset for
00:54our fellow citizens and for generations to come.
00:58As Americans, we are motivated by the belief that freedom and democracy greatly enhance human fulfillment.
01:07The work to preserve and strengthen our own democracy can be noisy, frustrating at times, and embattled.
01:15Partisan political differences are normal, indeed essential, in a thriving democracy.
01:22But we ought to be united in our commitment to the higher principles that define our nation.
01:29Chief among them is respect for the rule of law.
01:33As John Adams of Massachusetts wrote...
01:41As John Adams wrote...
01:43Ours is a government of laws, not of men.
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