Federal Reserve
Floor Speech
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Mr. SCHUMER. Mr. President, on Kevin Warsh--Kevin Warsh's confirmation hearing comes at a dire time for an independent Fed and for the American economy at large. Donald Trump continues his brazen efforts to force the central bank to serve his personal political interests rather than the best interests of the American economy and the American people.
Trump's attempt to oust Lisa Cook from the Fed Board and his sham investigation against Chair Jerome Powell have threatened the independence of the Fed, one of the most important financial institutions in the world.
If you are worried about the cost of living, if you don't want to see interest rates go up, then Donald Trump's meddling in the Fed should alarm you. If there is one thing markets do not like, it is chaos. And the more Donald Trump meddles with an independent Fed, the more chaos he injects into the markets. And the more chaos he injects into the markets, the more interest rates go up.
The markets hate chaos. Do you hear that, Donald Trump? The markets hate chaos, and you are causing chaos in the markets with your on- again, off-again, hot, medium, cold statements about this war.
No new Fed Chair should be confirmed under this body under a cloud of coercion and uncertainty that has been created by Donald Trump. It would set an awful precedent for the future independence of the Fed.
I urge Senate Republicans not to proceed with Warsh's confirmation so long as these attacks on the Fed's independence continue, as Senator Tillis has pledged to do.
With inflation rising, costs soaring amidst Trump's disastrous war of choice with Iran, Trump will even put more pressure on the Fed to manipulate interest rates to serve as part of his agenda. Whoever serves as the next Chair must be able to withstand that immense amount of pressure.
From Trump's blundering war in Iran to his costly and constantly changing tariffs, the Trump administration has poisoned our economy with uncertainty. Senate Democrats will not allow Donald Trump to inject more chaos into our economy by undermining the Fed.
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