WASHINGTON, D.C.—Dennis M. Kelleher, President and CEO for Better Markets, issued the following statement in connection with Trump’s Department of Justice serving the Federal Reserve (Fed) with grand jury subpoenas related to a criminal investigation of Fed Chair Powell:
“Trump is a master of distraction and his latest attack on the Fed and Chair Powell is really just more of the same. These attacks have been going on for almost a year. At least now that they are directly attacking the Chair, the Fed is going to fight back. They should have done this much earlier: Governor Michael Barr should never have unilaterally surrendered and resigned as Vice Chair for Supervision, and the Fed and Powell should have defended Governor Lisa Cook when Trump attacked her as vigorously as they are now defending themselves. That craven behavior guaranteed Trump would ramp up his attacks.
“This is just the latest example of Trump’s attack and distract pattern, which he continues to do because it works so well as everyone breathlessly chases the latest shiny object. It is beyond clear that Trump will do and say virtually anything to distract the American people from his failed economic policies that are hurting hardworking Main Street Americans, and, of course, distract them also from his involvement in the Epstein scandal. Groceries are unaffordable; jobs are scarce; wages are grossly inadequate; health care costs are too high and going higher; electricity and other basic costs of living are skyrocketing; just getting through the day and the week is a struggle for tens of millions of Americans—remember, the bottom 50% of the American people—170 million Americans—have less than 2.5% of the wealth of the country.
“Trump, his billionaire supporters, and Wall Street’s financiers are getting wealthier by the day while most Americans work harder and harder for less and less. That is what Trump is trying to distract the American people—and the media—from. While his latest attack on the Fed—and continued weaponization of the Department of Justice and disdain for the rule of law—are newsworthy, they must be put in context and addressed proportionately with other vitally important news. And, in context, this latest Fed ‘news’ isn’t ultimately important because Powell isn’t going to be Chair much longer regardless, and the Fed’s independence is significantly impaired if not crippled already by Trump’s prior actions and appointments to the Fed Board, not to mention his imminent announcement of the next Fed Chair to replace Powell.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.
