U.S. Treasury Secretary Janet Yellen has warned that threats to the U.S. democratic system will undermine economic growth and financial stability in the United States and around the world.

In a summary of Yellen's speech scheduled to be delivered on Friday in Sedona, Ariz., the former Fed chairman specifically defendedhardyduchess314The Fed's "independence and transparency" were cited as crucial to the health of the U.S. economy.

"As chairman of the Federal Reserve,hardyduchess314I insist on the independence and transparency of the Federal Reserve because I believe it is critical to financial stability and economic growth,"Yellen said in a summary released by the Treasury Department on Wednesday.

Investors have been focusing on speculation that former President Donald Trump could force the Federal Reserve to cut interest rates if he wins the November election. Trump supporters have made proposals to give the president more direct influence over the Fed.

During his presidency, Trump criticized Jerome Powell for keeping interest rates too high. At the time, Trump also discussed the possibility of firing Powell.