A “bell” regarding the need to maintain the independence of the US central bank (FED), US Treasury Secretary Janet Yellen is expected to ring in a speech she is expected to give next Friday at the McCain Institute in Arizona.

Specifically, Yellen is expected to make the case that strong democratic institutions — including an independent Federal Reserve — are a key foundation for sustainable and shared growth and prosperity, according to leaked speech excerpts.

Yellen is expected to argue that the rioters who stormed the US Capitol building on January 6, 2021 put democracy under threat, “motivated by a lie.”

“Undermining democracy undermines the foundations of sustainable and inclusive growth,” Yellen will argue.

The US Treasury secretary’s specific speech comes after the Wall Street Journal reported last week that Donald Trump’s allies were drafting proposals that would attempt to erode the Federal Reserve’s independence in order to give Trump more influence over the central bank if he wins in elections in November.

Thus, Yellen will argue for maintaining Fed independence in her speech.

“As chair of the Federal Reserve, I insisted on the independence and transparency of the Fed because I believe it is important to financial stability and economic growth,” Yellen will say.

“Recent research has been consistent with my belief: it has shown that greater central bank independence is associated with greater price stability, which contributes significantly to long-term growth.”