In 2021, Chairman Hill affirmed that members of “both parties should fight for central bank independence.”

Lawmakers urge: “That point is now. We should not sit idly by as mere observers while the President attempts to undermine the Federal Reserve’s independence with any tool he can find.”

Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee and Congressman Juan Vargas (D-CA), the top Democrat on the Monetary Policy Taskforce led Committee Democrats in sending a letter to Committee Chairman French Hill (R-AR), demanding a hearing on Donald Trump’s escalating and unconstitutional attempts to seize control of the Federal Reserve, which puts the U.S. economy and the hard-earned retirement savings of millions of working-class families at stake.

The letter follows Trump’s attempt to illegally remove Federal Reserve Governor Lisa Cook, which a federal judge recently ruled illegal. This alarming episode is only the latest in a long pattern of interference and tactics aimed by the Trump Administration to intimidate and weaken the Federal Reserve’s independence, including repeated threats to fire Chair Jerome Powell after refusing to bend to Trump’s political demands.

“We write to request that you immediately convene a full Committee hearing on how President Trump’s unlawful and damaging attacks have undermined the Federal Reserve’s independence and threatened executive control of monetary policy—in contravention of the U.S. Constitution, laws passed by Congress, and recent court decisions,” wrote the lawmakers. “… Congress purposefully set a high bar for removing a Governor from office to ensure the Fed’s independence from the executive branch. However, after President Trump’s attacks on Fed Chair Jay Powell failed to force him out, the President and his administration changed tactics to target Fed Governor Lisa Cook, whom the President attempted to fire not only in contravention of the law but without any due process, a requirement for the removal of appointed officials protected by statutory for-cause removal restrictions.”

The lawmakers conclude the letter by warning that Trump’s continued actions put the stability of the economy and the well-being of the American people at risk and stressed that Congress has a duty to act by immediately convening a hearing to defend the law and protect the Fed’s independence.

Full list of co-signers: Maxine Waters (D-CA), Juan Vargas (D-CA), Nydia Velázquez (D-NY), Brad Sherman (D-CA), Gregory Meeks (D-NY), David Scott (D-GA), Stephen Lynch (D-MA), Al Green (D-TX), Emanuel Cleaver, II (D-MO), Jim A. Himes (D-CT), Bill Foster (D-IL), Joyce Beatty (D-OH), Josh Gottheimer (D-NJ), Vicente Gonzalez (D-TX), Sean Casten (D-IL), Ayanna Pressley (D-MA), Brittany Pettersen (D-CO), Ritchie Torres (D-NY), Sylvia R. Garcia (D-TX), Nikema Williams (D-GA), Cleo Fields (D-LA), Janelle S. Bynum (D-OR), Sam Liccardo (D-CA).

Read the full letter HERE.

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