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119th CONGRESS
1st Session |
Affirming the independence of the Federal Reserve System, its Chairman, and the Board of Governors.
Ms. Barragán (for herself, Mr. Lieu, Mrs. Dingell, Mr. Fields, Mr. Thanedar, Mr. Garamendi, Ms. Ansari, Mr. McGovern, Ms. Chu, Ms. Kelly of Illinois, Mr. Pocan, Ms. Craig, Mr. Moskowitz, Mr. Kennedy of New York, Ms. Friedman, Ms. Jayapal, Ms. Pelosi, Mr. Goldman of New York, Mr. Magaziner, Ms. Johnson of Texas, and Mr. Case) submitted the following resolution; which was referred to the Committee on Financial Services
Affirming the independence of the Federal Reserve System, its Chairman, and the Board of Governors.
Whereas the Federal Reserve System serves as the central bank of the United States, charged with maintaining the stability of the financial system, managing inflation, promoting maximum employment, and ensuring the safety and soundness of the Nation’s banking institutions;
Whereas the independence of the Federal Reserve is essential to its ability to make monetary policy decisions based on data, long-term economic analysis, and the best interests of the American people, free from short-term political pressure;
Whereas Chairman Powell and the Board of Governors have acted consistently to uphold the integrity and credibility of the Federal Reserve System;
Whereas the credibility of United States financial leadership depends on the Federal Reserve’s ability to make decisions independently, with a clear focus on price stability and the health of the United States economy; and
Whereas attempts by the President to intimidate, override, or remove the Federal Reserve Chair or other members of the Board for political purposes or policy disagreements violate the Federal Reserve Act and undermine global confidence in the United States dollar, financial markets, and the broader economy: Now, therefore, be it
Resolved, That the House of Representatives—
(1) affirms its support for the independence of the Federal Reserve System in setting monetary policy and conducting its operations without political interference;
(2) recognizes and maintains the utmost confidence in Chairman Jerome Powell and the Board of Governors for their continued commitment to data-driven, nonpartisan leadership of the Federal Reserve;
(3) urges the President and all executive branch officials to respect the statutory independence of the Federal Reserve and refrain from any further action or rhetoric that would compromise its integrity; and
(4) reaffirms the critical role of the Federal Reserve in maintaining a stable economic system that benefits all Americans, regardless of political affiliation.