Kaine Statement on Trump Justice Department’s Attempt to Bully the Federal Reserve

WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) released the following statement regarding the Department of Justice’s (DOJ) criminal investigation into the Federal Reserve and subpoena of Chair Jerome Powell following an unprecedented year-long pressure campaign from the Trump Administration:

“The Federal Reserve was designed to be independent from the executive branch so it could make decisions based on data and current economic conditions—not the whims of any President. This investigation into the Federal Reserve and Chair Powell is yet another example of the Trump Administration attempting to strongarm an independent government body and official into doing what Trump wants—not what’s best for the American people. Our economy needs stability and a clear strategy to tackle the affordability crisis Americans are facing every day. Trump undermining Fed independence will have negative implications on America’s financial stability, and lead to higher borrowing costs and inflation for families across the country.”

Kaine has been a leader in standing up to President Donald Trump’s ill-advised economic policies, including his reckless broad-based tariff regime. In November, Kaine passed three pieces of bipartisan legislation to undo Trump’s global tariffs and his tariffs on Canada and Brazil. The House has refused to bring these bills to a vote, even as a November poll found that 65 percent of Americans disapprove of how Trump is handling tariffs, and a December poll found that just 36 percent of Americans approve of Trump’s handling of the economy.

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