""The Senate should not be aiding and abetting Donald Trump's illegal takeover of the Fed by installing his chosen sock puppet as chair. It's an invitation for corruption and for economic catastrophe. We have the power to stop it, and we should be using that power.""
""I do not believe that independence of monetary policy is threatened when elected officials state their views on rates. Fed independence is up to the Fed. That has three implications: First, Congress is tasked with the mission to ensure price stability. Inflation is the Fed's choice.""
Kevin Warsh's confirmation hearing for chair of the Federal Reserve raised concerns among lawmakers about his independence and potential political influence from President Trump. Senators expressed fears that Warsh could act as a 'sock puppet' for Trump, particularly in light of recent political pressures and a Department of Justice investigation into current Chair Jerome Powell. Warsh assured lawmakers that he would maintain Fed independence and not yield to political pressures, emphasizing the importance of price stability and the Fed's autonomy in monetary policy decisions.
Read at www.businessinsider.com
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