Warner Statement on Voting Against Warsh’s Confirmation as Fed Chair

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) issued the following statement after voting against Kevin Warsh’s confirmation as chair of the Federal Reserve: “The Federal Reserve’s independence is one of the cornerstones of our economic strength. The Fed exists in order to make hard decisions based on economic data and in the interests of long-term financial stability, not the political demands of any individual president. President Trump’s repeated attacks on Chairman Jerome Powell and his efforts to pressure the Fed into serving his short-term political agenda are deeply dangerous. Were President Trump to succeed in bullying the Federal Reserve into cutting rates for his political gain, it would only deepen the economic damage families are already feeling from his policies – from reckless tariffs that have increased costs for consumers and businesses alike, to his war of choice in Iran, which is jacking up prices at the gas pump and across the supply chain. “For those reasons, I opposed Kevin Warsh’s nomination to the Federal Reserve. I did so not as a judgment of his experience, but because I have serious concerns about whether he will be able to remain fully independent in the face of political pressure from the White House. I hope that as chairman, he proves those concerns unfounded and demonstrates clearly that he will defend the Fed’s independence, follow the data, and put the long-term stability of the American economy above the whims of this president or any other.” ###