Defend the Federal Reserve — Preserve the Dollar and the Democracy It Supports

America’s global influence is built as much on trust as on military or economic power. That trust—trust in our democracy, our institutions, and most importantly, our currency—begins and ends with the Federal Reserve.

For more than a century the Fed has anchored the U.S. dollar as the world’s leading reserve currency. Nations choose to settle transactions in dollars not merely out of habit but because the Fed’s policies and independence convey stability, transparency and predictability for markets everywhere.

Why Trust Matters

Trust in the Fed = Trust in the Dollar. When confidence in the Fed weakens, confidence in the dollar follows. That loss of confidence would erode America’s ability to shape global economic rules, influence trade and finance, and protect national sovereignty without resorting to force.

Beijing’s Long Game

The Chinese Communist Party is pursuing a long-term strategy—akin to a patient “game of Go”—to weaken U.S. influence by fomenting division rather than fighting a conventional war. Part of that strategy is to exploit information channels and narratives that cast doubt on U.S. institutions.

Messages amplified by state-linked media and online networks—portraying the Fed as captured by elites or a hostile "deep state"—are designed less to convince than to corrode confidence altogether.

The Stakes

If global trust in the dollar erodes, international markets could shift toward the yuan or a Chinese digital currency, and key financial rules—over trade, credit and debt—could increasingly be shaped in Beijing instead of Washington. That shift would be a strategic loss of influence without a single invasion.

Domestic political polarization accelerates this risk. Partisan attacks that portray the Fed primarily as an enemy rather than as an essential stabilizing institution undermine its independence and send alarming signals to global markets and allies.

A Call to Preserve Independence

We can and should debate monetary policy, demand transparency and pursue reforms. But undermining the Fed’s independence risks destabilizing the very monetary system that preserves purchasing power for paychecks, pensions, mortgages and savings.

Defending the Fed is not a partisan act—it is a national one. Protecting the dollar’s credibility protects American economic leadership, democratic stability and sovereignty.

China doesn’t need to invade; it only needs to seed doubt and erode confidence. If we care about preserving our democracy and global standing, we should defend the institutional trust that sustains them.

Authors: Thomas W. Reed II (served in the U.S. House representing southwestern New York, 2010–2022) and Max Rose (represented Staten Island and Southwest Brooklyn in Congress, 2019–2021).