Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement on the Federal Reserve’s decision today to raise the target range for the federal funds rate:
“While I don’t agree with the Fed’s decision to raise rates, I am a strong advocate of an independent Federal Reserve free of political interference. I am concerned that under the new administration and with the support of a Republican-controlled House and Senate, the days of an independent, politically-immune Fed will be at risk.
“We will soon be living in a world where the President of our country not only refuses to separate himself from his own conflicts of interest but threatens to strip away the Fed’s independence. As we have seen by President-elect Trump’s picks for his administration, he consistently prioritizes his own personal enrichment and that of Wall Street over the interests of the American public at large. Now, more than ever, we must fight to preserve the Fed’s independence in setting monetary policy that best serves all Americans and guard it from meddling by Trump and his cronies.”