WASHINGTON — Today, Paul Weinstein Jr., Senior Fellow at the Progressive Policy Institute (PPI), issued the following statement in response to President Trump’s latest attacks on Federal Reserve Chairman Jerome Powell and the independence of the central bank:
“President Trump’s social media post claiming Federal Reserve Chairman Jerome Powell is ‘always TOO LATE AND WRONG,’ and his ‘termination cannot come fast enough!’ would be laughable if not for the fact that President Trump is clearly setting the stage to challenge the central bank’s independence in federal court. Under Powell’s leadership, the Fed has successfully brought down inflation from historically high levels while keeping the economy from falling into recession.
“Chairman Powell yesterday simply and factually observed that higher tariffs are likely to raise consumer prices and slow growth, which Trump himself has acknowledged in admitting that tariffs will cause ‘pain.’ Given President Trump’s reckless economic policies, including his misguided attempt to usurp Congress’ Constitutional tax authority and impose tariffs by decree, an independent Fed in control of monetary policy is more important than ever. Hopefully, Members of Congress and the federal courts will defend it.”
Founded in 1989, PPI is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Find an expert and learn more about PPI by visiting progressivepolicy.org. Follow us @PPI.
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Media Contact: Ian O’Keefe – iokeefe@ppionline.org
