Leader Schumer Floor Remarks Urging Senate Republicans Not To Proceed With Kevin Warsh’s Nomination In Light Of President Trump’s Attacks On The Fed’s Independence

Washington, D.C. - Today, Senate Democratic Leader Chuck Schumer (D-NY) spoke on the Senate floor urging Senate Republicans to not proceed with Kevin Warsh's nomination to be the Federal Reserve Chair following Donald Trump's repeated attacks to the Federal Reserve's independence. Below are Senator Schumer's remarks, which can also be viewed here:

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 effort 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're 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's one thing markets do not like it's 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 the interests rates go up. The markets hate chaos. Do you hear that Donald Trump? The markets hate chaos and you are causing chaos in the market with your on-again, off-again, hot, medium, and cold statements about this war.

No new Fed Chair should be confirmed under this body under such a cloud of coercion and uncertainty. 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 and costs soaring amid Trump's disastrous war of choice with Iran, Trump will put even more pressure on the Fed to manipulate interest rates to serve his partisan agenda. Whoever serves as the next Chair must be able to withstand that immense political 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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