Former U.S. Deputy Secretary of the Treasury: How severe would the consequences have been if the Federal Reserve had not been independent in 2008?

Former U.S. Deputy Treasury Secretary Roger Altman pointed out that without an independent Federal Reserve, the consequences of the 2008 financial crisis would have been very severe. He emphasized that the independence of the Federal Reserve in stabilizing prices and maximizing employment is crucial, and mentioned that the U.S. has benefited from an independent Federal Reserve system for more than 110 years. In contrast, countries lacking an independent central bank typically face higher inflation and lower employment rates. Although the Federal Reserve is not perfect, Altman believes that there has been no political bias during Powell's tenure