[Congressional Record Volume 172, Number 66 (Wednesday, April 15, 2026)]
[Senate]
[Page S1749]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            FEDERAL RESERVE

  Mr. SCHUMER. Mr. President, on the Fed, this morning, once again, 
Donald Trump escalated his attacks on the independence of the Federal 
Reserve.
  In an interview on Fox Business, the President renewed his threats 
against Reserve Chair Jerome Powell, saying that if Powell doesn't 
leave, he will fire him. There are no legitimate grounds for the 
President to remove the Chair of the Federal Reserve for simply doing 
his job.
  Trump's threats against the Fed does nothing but rattle markets, 
undermine confidence, inject more chaos into the financial system, and 
then raise rates. Doesn't Trump understand something rudimentary? When 
there is uncertainty about the Fed's path, rates go up. Trump, are you 
hearing that?
  The more you screw around with the Fed, the higher rates will be, and 
you want lower rates.
  He doesn't know what to do. He doesn't know what he is talking about. 
He doesn't understand the economy, the Fed, or interest rates.
  To every American who is struggling with high prices, if you want 
mortgage rates to come down or if you are worried about the economy 
getting worse, the President's attacks on the Fed should alarm you. And 
meddling with the Fed will certainly drive up interest rates because 
the markets hate uncertainty.
  We know what is going on. Donald Trump--typical--is angry that his 
own policies have driven up prices and killed jobs. But instead of 
owning up to his mistakes, he continues to look for a scapegoat, 
someone else to blame.
  That is all he does. He screws things up and then blames somebody 
else.
  Doesn't he realize that is not going to solve the problem?
  That is not going to solve the problem. Blame Donald Trump. That is 
not going to do it. It may make you feel better for a minute or two, 
but it sure doesn't solve the problem. And it doesn't solve the 
American people's firm, strong disagreement with what you are doing.
  Trump wants to fire Powell because he won't lower interest rates, but 
Trump's Treasury Secretary said yesterday that the Fed shouldn't lower 
interest rates because of the chaos of the Iran war.
  What is going on in this administration? Trump says one thing. His 
Treasury Secretary says another.
  Senate Republicans have an obligation to push back when Donald Trump 
threatens the independence of the Federal Reserve. And so long as these 
bogus investigations and intimidation tactics continue, the nomination 
of Kevin Warsh should not--should not--move forward.

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