In the face of attempts by allies of former President Donald Trump to undermine the Federal Reserve’s political independence, Treasury Secretary Janet Yellen is stepping up to defend it. What Happened: Yellen, who previously served as the Fed chair, is set to deliver a speech at the McCain Institute’s Sedona Forum on Friday, Politico reported on Wednesday. She will underscore the crucial role of the Fed’s autonomy in fostering financial stability and driving economic growth. “As Chair of the Federal Reserve, I insisted on the Fed’s independence and transparency because I believe it matters for…