Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following statement during a roundtable conversation with Former Federal Reserve Board Governor and Vice Chair, Dr. Lael Brainard, to examine threats to Fed independence in light of Trump’s attempted removal of Fed Governor Lisa Cook.

“We are here today because the President of the United States and his allies have engaged in an unprecedented, escalating, and unlawful attempt to undermine the Federal Reserve’s independence and seize control of our central bank. Since he took office in January, Trump has repeatedly sought to undermine Fed Chair Jerome Powell with public insults, accusations, and threats of removal. Trump repeatedly blamed Chair Powell for not cutting rates quickly enough and is using the Fed as a scapegoat for economic problems created by Trump’s own disastrous economic policies. It is Trump’s tariffs and cuts to Federal programs that have led to rising inflation and a worsening economy, not the Fed’s actions.

When the attacks on Chair Powell didn’t stick, Trump turned to attempting to fire a Fed Governor, Dr. Lisa Cook, based on unproven allegations and without proper due process. Dr. Cook has filed a lawsuit, which is being heard in the U.S. District Court for the District of Columbia. In two separate rulings so far, the court has stood on the side of Dr. Cook.

I am glad the courts are standing on the right side of this issue so far, but this is not the end of the court battle, as the Trump administration will surely pursue this all the way to the Supreme Court. If Trump is ultimately successful in ousting Dr. Cook, Trump’s actions could lead to unprecedented levels of high inflation and undermine the savings, retirement funds, and wages of hard-working families.

Mr. Vargas, I will now turn it over to you, as the Ranking Member of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, for brief opening remarks.”

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