Leader Schumer Floor Remarks On The Importance Of An Independent Federal Reserve Following Trump Naming Kevin Warsh As Next Fed Chair

Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-N.Y.) today spoke on the Senate floor on the need for an independent Federal Reserve after Donald Trump announced Kevin Warsh as his pick to serve as the next Fed Chair. Below are Senator Schumer’s remarks, which can also be viewed here:

This morning, President Trump announced he's chosen Kevin Warsh to serve as the next chair of the Federal Reserve. This announcement comes as a dark cloud hangs over the Fed.

Over the last year, Donald Trump has gone to lengths no president has gone to before to harass, intimidate, and coerce the Fed to serve his own political interests instead of what’s good for the United States economy. His administration has pushed frivolous attacks against Lisa Cook. They've pushed bogus accusations and investigations against Federal Reserve Chairman Jerome Powell. These attacks undermine the independence of one of the most important entities in the world economy.

So, I will simply say this about Mr. Warsh: Donald Trump is trying to cannibalize the Federal Reserve to eliminate its independence, and Mr. Warsh has an obligation to ensure that does not happen. He must make clear that he would keep the Fed independent and free from Donald Trump’s bullying or else he must not be confirmed.

And if Donald Trump won’t drop his vendetta against the Fed, weaponizing the Department of Justice to go after Powell and Cook, Republicans must not move Mr. Warsh’s nomination forward.

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