FOR IMMEDIATE RELEASE
Wednesday, November 28, 2018
Delaney: President Trump Undermining Independent Federal Reserve, Risking Long-Term Economic Stability
WASHINGTON – On Tuesday, President Trump continued his unprecedented criticism of Federal Reserve Chair Jerome Powell, stating that he was “not even a little bit happy” with Powell and blamed him for bad economic news.
Congressman John K. Delaney (MD-6), who founded and led two publicly-traded financial services companies before the age of 40 and the only former CEO of a publicly-traded company in the House strongly criticized President Trump’s remarks.
Congressman Delaney, a member of the House Committee on Financial Services, releases the following statement:
“We need both the Federal Reserve and its Chair to be independent and apolitical – that’s fundamentally important to the short and long-term economic health of the United States. Presidents in both parties have long understood this. In heading the central banking system of the United States, Chair Powell must make careful and sometimes difficult decisions based on actual facts and in my judgment he is extremely qualified to do just that. What President Trump is trying to do is very dangerous, because we cannot turn the Federal Reserve into a partisan operation that responds to any of the president’s daily whims. The stakes are too high – people’s jobs, savings, mortgages and the broader health of the economy could be impacted. President Trump is either fundamentally ignorant of the Fed’s role and purpose or he simply doesn’t care.”