Economist Mohamed El-Erian, the former chief executive of Pacific Investment Management Co., said Federal Reserve Chair Jerome Powell should resign to protect the central bank’s operational independence. El-Erian argued that Powell’s exit could short-circuit mounting political attacks on the Fed and restore confidence if a credible successor is appointed. “If Chair Powell’s objective is to safeguard the Fed’s operational autonomy, then he should resign,” he wrote on 22 July. El-Erian’s comments followed Treasury Secretary Scott Bessent’s call for an internal review of what he termed the Fed’s “mission creep,” and come amid repeated criticism from President Donald Trump over interest-rate policy and the cost of renovating the Fed’s headquarters. El-Erian contends the debate has shifted from Powell personally to the institution itself, posing a broader threat to the Fed’s independence. Wharton economist Jeremy Siegel has voiced similar concerns, saying Powell’s departure could ultimately bolster the central bank’s standing if the economy weakens and political pressure intensifies. However, former Treasury Secretary Larry Summers and several other economists rejected the idea, warning that yielding to political pressure would itself compromise the Fed’s autonomy and set a damaging precedent. Powell, who began his second four-year term as chair in 2022, has given no indication he plans to step down. The White House has not publicly responded to El-Erian’s remarks, leaving the debate over how best to safeguard the Federal Reserve’s independence unresolved.