Ranking Member Juan Vargas Reaffirms Importance of Federal Reserve Independence
WASHINGTON - Today, U.S. Representative Juan Vargas (CA-52), Ranking Member of the House Financial Services Committee Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, released the statement below following President Trump’s comments on Federal Reserve Chair Jerome Powell and new reports alleging that the President has discussed attempting to fire Chair Powell.
“An independent central bank is at the heart of nearly every modern, functional democracy. The Federal Reserve must be free to make decisions about how to best achieve its dual-mandate goals based on economic data and analysis, not politics. Donald Trump has repeatedly attacked the Federal Reserve’s independence, but any attempt to fire Chair Powell would cross the line and put us in unprecedented territory. We cannot let this happen. In Congress, we’ll use every tool available to combat Trump’s unlawful power grabs.”
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