Leader Schumer Floor Remarks Urging Senate Republicans To Stand Against President Trump’s Attacks On The Fed’s Independence & Oppose Kevin Warsh’s Nomination

Washington, D.C. - Today, Senate Democratic Leader Chuck Schumer (D-NY) spoke on the Senate floor urging Senate Republicans to vote against Kevin Warsh's nomination to be the Federal Reserve Chair following Donald Trump's repeated attacks on the Federal Reserve's independence. Below are Senator Schumer's remarks, which can also be viewed here:

Donald Trump has made it clear that he will stop at nothing, nothing to undermine the independence of the Federal Reserve at the expense of the American economy and the American people.

As the Senate prepares to vote on Kevin Warsh's confirmation as Fed chair, Trump has shown no sign that he intends to stop his crusade against an independent Fed. Trump undermined the central bank with his attempt to oust Lisa Cook and his sham investigation against Chairman Powell. Those attacks on the Fed ought to concern everyone who is worried about the cost of living and interest rates going up.

The more Donald Trump interferes with an independent Fed, the more chaos he injects into the markets. And the more chaos he injects into the markets, the more the interest rates go up. Markets like certainty. Donald Trump doesn't offer that.

With this administration's disastrous war and failed economic agenda driving up costs, Donald Trump will only seek to exert more pressure on the Fed to manipulate interest rates to his own political advantage. Appointing a new Fed chair amid this chaos and coercion would further undermine the independence of the Fed.

I urge Senate Republicans to join Democrats in protecting the Fed and restoring some stability to our economy.

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