Floor SpeechNeutral2026-04-15

FEDERAL RESERVE

EconomyForeign PolicyHousing

Context

On 2026-04-15, Senator Charles E. Schumer (D-NY) delivered a floor speech titled "FEDERAL RESERVE" in the Senate. The speech addressed the economy and also covered foreign policy, housing. It referenced legislation: S1749.

Full Text

FEDERAL RESERVE

Congressional Record, Volume 172 Issue 66 (Wednesday, April 15, 2026) [Congressional Record Volume 172, Number 66 (Wednesday, April 15, 2026)] [Senate] [Page S1749] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] FEDERAL RESERVE Mr. SCHUMER. Mr. President, on the Fed, this morning, once again, Donald Trump escalated his attacks on the independence of the Federal Reserve. In an interview on Fox Business, the President renewed his threats against Reserve Chair Jerome Powell, saying that if Powell doesn't leave, he will fire him. There are no legitimate grounds for the President to remove the Chair of the Federal Reserve for simply doing his job. Trump's threats against the Fed does nothing but rattle markets, undermine confidence, inject more chaos into the financial system, and then raise rates. Doesn't Trump understand something rudimentary? When there is uncertainty about the Fed's path, rates go up. Trump, are you hearing that? The more you screw around with the Fed, the higher rates will be, and you want lower rates. He doesn't know what to do. He doesn't know what he is talking about. He doesn't understand the economy, the Fed, or interest rates. To every American who is struggling with high prices, if you want mortgage rates to come down or if you are worried about the economy getting worse, the President's attacks on the Fed should alarm you. And meddling with the Fed will certainly drive up interest rates because the markets hate uncertainty. We know what is going on. Donald Trump--typical--is angry that his own policies have driven up prices and killed jobs. But instead of owning up to his mistakes, he continues to look for a scapegoat, someone else to blame. That is all he does. He screws things up and then blames somebody else. Doesn't he realize that is not going to solve the problem? That is not going to solve the problem. Blame Donald Trump. That is not going to do it. It may make you feel better for a minute or two, but it sure doesn't solve the problem. And it doesn't solve the American people's firm, strong disagreement with what you are doing. Trump wants to fire Powell because he won't lower interest rates, but Trump's Treasury Secretary said yesterday that the Fed shouldn't lower interest rates because of the chaos of the Iran war. What is going on in this administration? Trump says one thing. His Treasury Secretary says another. Senate Republicans have an obligation to push back when Donald Trump threatens the independence of the Federal Reserve. And so long as these bogus investigations and intimidation tactics continue, the nomination of Kevin Warsh should not--should not--move forward. ____________________

View original source →

FEDERAL RESERVE Congressional Record, Volume 172 Issue 66 (Wednesday, April 15, 2026) [Congressional Record Volume 172, Number 66 (Wednesday, April 15, 2026)] [Senate] [Page S1749] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] FEDERAL RESERVE Mr. SCHUMER. Mr. President, on the Fed, this morning, once again, Donald Trump escalated his attacks on the independence of the Federal Reserve. In an interview on Fox Business, the President renewed his threats against Reserve Chair Jerome Powell, saying that if Powell doesn't leave, he will fire him. There are no legitimate grounds for the President to remove the Chair of the Federal Reserve for simply doing his job. Trump's threats against the Fed does nothing but rattle markets, undermine confidence, inject more chaos into the financial system, and then raise rates. Doesn't Trump understand something rudimentary? When there is uncertainty about the Fed's path, rates go up. Trump, are you hearing that? The more you screw around with the Fed, the higher rates will be, and you want lower rates. He doesn't know what to do. He doesn't know what he is talking about. He doesn't understand the economy, the Fed, or interest rates. To every American who is struggling with high prices, if you want mortgage rates to come down or if you are worried about the economy getting worse, the President's attacks on the Fed should alarm you. And meddling with the Fed will certainly drive up interest rates because the markets hate uncertainty. We know what is going on. Donald Trump--typical--is angry that his own policies have driven up prices and killed jobs. But instead of owning up to his mistakes, he continues to look for a scapegoat, someone else to blame. That is all he does. He screws things up and then blames somebody else. Doesn't he realize that is not going to solve the problem? That is not going to solve the problem. Blame Donald Trump. That is not going to do it. It may make you feel better for a minute or two, but it sure doesn't solve the problem. And it doesn't solve the American people's firm, strong disagreement with what you are doing. Trump wants to fire Powell because he won't lower interest rates, but Trump's Treasury Secretary said yesterday that the Fed shouldn't lower interest rates because of the chaos of the Iran war. What is going on in this administration? Trump says one thing. His Treasury Secretary says another. Senate Republicans have an obligation to push back when Donald Trump threatens the independence of the Federal Reserve. And so long as these bogus investigations and intimidation tactics continue, the nomination of Kevin Warsh should not--should not--move forward. ____________________