WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a senior member of the Senate Committee on Banking, Housing and Urban Affairs, released the following statement:

“The Fed was designed to operate independently, insulated from political pressure, so that it can make tough decisions based on data and the long-term health of the economy, not the whims of any one president. That independence provides the stability that markets, investors, and everyday Americans rely on. Using the threat of criminal prosecution to pressure the Fed over interest rates is a direct assault on that foundation and puts the economic security of millions of Americans at risk. Uncertainty and instability can ripple through the economy, affecting borrowing costs and making it harder for families to buy a home, run a small business, or afford everyday necessities like food, fuel, and diapers.

“Unfortunately, we have seen this pattern before. Over the past year, the Justice Department has repeatedly targeted the president’s perceived political adversaries, only to have courts and grand juries reject these cases as baseless and politically motivated. We have also seen the president attempt to remove a sitting Federal Reserve Board member, underscoring his willingness to attack the Fed for refusing to fall in line.

“The administration’s latest attacks on Federal Reserve Chair Jerome Powell are just the most recent example of Donald Trump’s chaos-driven approach to the economy – and once again, it’s working Americans who will pay the price. From impulsive trade wars and erratic tariffs to deficit-exploding tax cuts and attacks on Fed independence, President Trump has shown time and again that he’s more interested in political theater than helping the American people. The result is higher costs for families, uncertainty for businesses, and diminished confidence in our economic leadership around the world.” 

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