(Bloomberg) -- Treasury Secretary Janet Yellen warned that threats to America’s democratic institutions would undermine economic growth and financial stability in the US and around the world.

In excerpts of a speech Yellen is scheduled to deliver Friday in Sedona, Arizona, the former Federal Reserve chair specifically defended the “independence and transparency” of the Federal Reserve as being crucial to the economic health of the US.

“As chair of the Federal Reserve, I insisted on the Fed’s independence and transparency because I believe it matters for financial stability and economic growth,” Yellen said in the excerpts, released Wednesday by the Treasury.

Investors have been eyeing speculation that former President Donald Trump might seek to force Fed policymakers into cutting interest rates should he win November’s election. The Wall Street Journal reported last month that Trump supporters had outlined proposals that would give the president more direct influence on the Fed.

Read more: Trump’s Economic Confidants Battle for Sway on Tax, Fed Policy

During his tenure as president, Trump relentlessly criticized Jerome Powell, whom he had elevated to the chair in 2018 to replace Yellen, for keeping interest rates too high. He also explored the possibility of firing him. At the time, some aides advised him he couldn’t remove Powell from the Fed altogether, but left open the possibility he could displace him from being chair of the Board of Governors.

Capitol Storming

Yellen is scheduled to make the remarks at an annual event hosted by the McCain Institute, named for the late Republican Senator John McCain — who had frequently clashed with Trump.

Yellen also referenced the assault on Congress by Trump supporters in January 2021 seeking to block the certification of President Joe Biden’s election. 

“Recently, democracy has come under threat,” she said. “That challenge was especially terrifying on the notorious day of January 6th, when rioters, spurred on by a lie, stormed the Capitol.”

She went on to acknowledge that her comments were unusual for a Treasury secretary, but added, “I believe that democracy is critical to building and sustaining a strong economy,” she said. “Undercutting democracy undercuts a foundation of sustainable and inclusive growth.”

Axios reported Yellen’s speech excerpts earlier.

One of Yellen’s predecessors, Lawrence Summers, also has warned about potential economic damage from any autocratic moves in a future Trump administration. Summers, a paid contributor to Bloomberg TV, said in January that there were risks to “rights including the ability to make and enforce contracts in the United States.”

Yellen will also give a speech Saturday at a job training facility in Mesa, Arizona — which is viewed as one of the swing states in November’s election.

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