Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, issued the following statement in response to Donald Trump’s nomination of former Federal Reserve Governor Kevin Warsh to serve as Chair of the Federal Reserve:

“With the nomination of Kevin Warsh, Donald Trump continues to make one thing unmistakably clear: he wants a Federal Reserve stacked with loyalists who answer to him, not to the law, economic reality, or the American people. Mr. Warsh has already shown where his priorities lie. In the lead-up to the 2008 financial crisis, he sided with Wall Street and supported deregulating their so-called innovations—like credit default swaps—that directly led to hundreds of billions of dollars in bailouts, trillions of dollars in lost wealth, and millions of working families losing their jobs, homes, and savings.

For months leading up to his nomination, Warsh has been openly auditioning for Trump, downplaying the affordability crisis; defending Trump’s reckless tariffs that are driving up the cost of groceries, housing, and gas; and, signaling he is willing to manipulate interest rates to serve Trump’s political agenda. Now, he appears to have passed Donald Trump’s loyalty test at a moment when Trump has not only openly attacked but weaponized the Department of Justice to go after anyone at the Federal Reserve who refuses to bend to his will.

Since taking office last year, Donald Trump has launched an alarming and illegal campaign to intimidate and undermine the Federal Reserve, including the weaponization of the Department of Justice and the Federal Housing Finance Agency to pursue baseless investigations into Governors Lisa Cook and Jerome Powell. These actions are not about accountability. They are about power and control.

Let me be clear: if Republicans are serious about protecting the independence of the Federal Reserve from the political whims of the White House, they should not move forward with this dangerous nomination, especially while Donald Trump continues his political vendettas against sitting Federal Reserve officials. The independence of our central bank is essential to the stability of our economy, the integrity of our financial system, and the financial security of American families.”

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