WASHINGTON, D.C.— Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement regarding the anticipated confirmation of Trump’s loyal employee Stephen Miran to the Federal Reserve Board of Governors (Fed).
“Trump is playing partisan politics with the pocketbooks of all hardworking Americans by his unprecedented and radical attempt to dictate Fed policy from the White House. The Senate’s confirmation today of Trump’s unqualified White House employee, Stephen Miran, to a short-term position on the Fed while he keeps his White House job is shameful and an inexcusable dereliction of its constitutional duty to properly consider nominees. This record-breaking rubberstamp confirmation process stands in stark contrast to the Senate’s mistreatment of Nobel Prize winner Peter Diamond, who was forced to withdraw after Republican Senators refused for 14 months to even consider his nomination to the Fed.
“A Trump controlled Fed will make short term political decisions to benefit Trump, not the tens of millions of hardworking Americans who depend on the Fed to make data-driven decisions to keep prices under control while maximizing employment. With Americans already paying higher prices due to his trade war and economic chaos, a Trump controlled Fed will just make life more unaffordable for Main Street Americans. While it can create a short-term sugar high with lower near-term interest rates that will benefit Wall Street and the already rich, a Trump controlled Fed making economic decisions based on politics risks igniting runaway inflation and even stagflation, which will crush paychecks and decimate the budgets of Main Street families.
“Trump’s unrelenting pretextual attacks on the Fed, including his despicable baseless smear of Fed Governor Lisa Cook, are the actions of an extremist. The American people are going to pay a very high price if the Senate allows Trump to destroy the Fed’s independence, credibility and global standing.”
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