[Congressional Record Volume 172, Number 70 (Tuesday, April 21, 2026)]
[Senate]
[Page S1846]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            FEDERAL RESERVE

  Mr. SCHUMER. Mr. President, on Kevin Warsh--Kevin Warsh's 
confirmation hearing comes at a dire time for an independent Fed and 
for the American economy at large. Donald Trump continues his brazen 
efforts to force the central bank to serve his personal political 
interests rather than the best interests of the American economy and 
the American people.
  Trump's attempt to oust Lisa Cook from the Fed Board and his sham 
investigation against Chair Jerome Powell have threatened the 
independence of the Fed, one of the most important financial 
institutions in the world.
  If you are worried about the cost of living, if you don't want to see 
interest rates go up, then Donald Trump's meddling in the Fed should 
alarm you. If there is one thing markets do not like, it is chaos. And 
the more Donald Trump meddles with an independent Fed, the more chaos 
he injects into the markets. And the more chaos he injects into the 
markets, the more interest rates go up.
  The markets hate chaos. Do you hear that, Donald Trump? The markets 
hate chaos, and you are causing chaos in the markets with your on-
again, off-again, hot, medium, cold statements about this war.
  No new Fed Chair should be confirmed under this body under a cloud of 
coercion and uncertainty that has been created by Donald Trump. It 
would set an awful precedent for the future independence of the Fed.
  I urge Senate Republicans not to proceed with Warsh's confirmation so 
long as these attacks on the Fed's independence continue, as Senator 
Tillis has pledged to do.
  With inflation rising, costs soaring amidst Trump's disastrous war of 
choice with Iran, Trump will even put more pressure on the Fed to 
manipulate interest rates to serve as part of his agenda. Whoever 
serves as the next Chair must be able to withstand that immense amount 
of pressure.
  From Trump's blundering war in Iran to his costly and constantly 
changing tariffs, the Trump administration has poisoned our economy 
with uncertainty. Senate Democrats will not allow Donald Trump to 
inject more chaos into our economy by undermining the Fed.

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