WASHINGTON –Today, at an oversight hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Bernie Moreno (R-Ohio) hammered Federal Reserve Chairman Jerome Powell on his repeated public attacks on President Donald Trump’s trade agenda and refusal to lower rates despite persistently low inflation. Senator Moreno highlighted the fact that while Chairman Powell has consistently criticized President Trump’s tariffs, he never expressed the same concerns about the inflationary effects of Covid-era lockdowns, Joe Biden’s liquid natural gas export ban, or Democrat tax hikes.
“We got elected by millions of voters, you got elected by one person and he doesn’t want to be in that job. You are costing this government $400 billion per year by refusing to lower interest rates. Nobody in this chamber has that kind of power, to have a $400 billion impact on this economy, on our deficit. And I just think that you should consider whether you’re really looking at this from a fiscal lens or a political lens because you just don’t like tariffs,” said Senator Moreno.
Senator Moreno recently wrote a letter to Chairman Powell calling on the Fed to cut rates in light of President Trump’s success at tackling inflation despite expert predictions.
Watch Senator Moreno’s full line of questioning HERE.