Leader Schumer Floor Remarks On The Politically Motivated Investigation Into Jerome Powell By Donald Trump’s Weaponized Department Of Justice

Washington, D.C. - Senate Democratic Leader Chuck Schumer (D-N.Y.) today spoke on the Senate floor criticizing Donald Trump and his Department of Justice for their politically motivated investigation into Chairman of the Federal Reserve Jerome Powell to distract from Donald Trump's failing economy and skyrocketing costs. Leader Schumer called for DOJ officials to testify on the criminal probe. Below are Senator Schumer's remarks, which can also be viewed here:

Last night, the New York Times reported that a criminal investigation has been opened into Jerome Powell, the Chairman of the Federal Reserve Board.

Anyone with two eyes and half a brain knows exactly what this criminal probe represents: a brazen attempt by Donald Trump to cannibalize the Fed's independence.

The allegations behind this probe are clearly bogus.

This has nothing to do with building renovations of all things.

It has everything to do with Donald Trump weaponizing the DOJ into his attack dog and bullying America's central bank into submission, on something unrelated to what they do.

This is another ominous, troubling step toward the MAGA-fication of America's monetary policy, which is the bedrock of the global economy and essential for stability in the markets.

So, the American people should beware: if you're worried about making sure mortgage rates come down and making it easier to buy a home, Donald Trump's attack on the Fed should trouble you deeply.

If you're worried about what the economy is going to look like in the next six months, twelve months, and beyond, Donald Trump's attack on the Fed should alarm you.

If you're a Senate Republican in this chamber who has, at any point, spoken out about the Fed's independence, about the need to bring inflation down, about the importance of law and order, now is the time to find your voice, and to take a stand.

The bogus criminal probe conducted by the DOJ screams for Congressional oversight.

We need to bring DOJ officials to testify before the Senate and explain this outrageous criminal probe.

And the Senate must reject any future Trump nominee to the Fed so long as this dark cloud continues to hang over the central bank.

Because if Donald Trump can use the threat of criminal investigation to influence monetary policy, then we will have no independent Fed to speak of.

And again, interest rates will go up, mortgage rates will go up, car loan rates will go up, credit card rates will go up, and the American consumer will pay more.

The American consumer is already worried, troubled, and devastated by the lack of affordability, and what Trump is doing will make things even more unaffordable. You'd say, what the heck does one thing have to do with the other? But when the markets feel there's no more steadiness, no stability in the Fed, they charge more. They get worried. They clamp down.

And look, Donald Trump is clearly angry that his own presidency has been a disaster for our economy, so he's looking for a scapegoat and he thinks Jerome Powell can be one. He's made a big mistake. No one's going to fall for that bull.

Everyone knows Jay Powell and the Fed aren't the reason Donald Trump's poll numbers and our economy are in the garbage. If he wants someone to blame, Donald Trump should simply look in the mirror, not at Jerome Powell.

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