This past weekend saw many current and former government finance officials meet to discuss matters regarding the International Monetary Fund, but the topic of the Fed and the President's assaults on the Fed's political autonomy could not be prevented from being brought up. President Trump has increasingly taken to Twitter to voice his opinion regarding the direction of the Federal Reserve, openly criticizing the Chairman, Jerome Powell, and directly attributing the slowing of economic growth to what Trump perceives as policy failures by the Fed. The meeting of government finance officials saw many of them voice concern over the President's consistent input and critical jabs that they believe could "weaken the institution and its role in the global economy" (Timiraos, WSJ April 15, 2019).
The finance officials' concerns lie primarily in the partisanship-approach that Donald Trump has taken regarding the Fed. They are concerned that the Fed is being used as a political tool that is not being used to control inflation and reduce unemployment, but to help Donald Trump win reelection. They are particularly concerned about Trump's suggested picks for central bank positions, Stephen Moore and Herman Cain. Both individuals are seen as highly unqualified and politically motivated [potential] nominees that were not selected based on their ability to participate in an apolitical executive organization.
It is my opinion that the Chairman of the Federal Reserve and the respective Board of Governors are the most powerful and influential non-elected positions in the U.S. government. It is absolutely critical that these positions remain insulated from as much political pressure as possible to preserve the credibility and effectiveness of the Federal Reserve.