AHEAD OF HUMPHREY HAWKINS HEARING, WARREN QUESTIONS FED CHAIR WARSH ON LACK OF TRANSPARENCY IN ECONOMIC PROJECTIONS

The following information was released by the U.S. Senate Committee on Banking, Housing, and Urban Affairs:

As President Donald Trump continues his efforts to take over America's central bank, clear and transparent decision-making at The Fed is more important than ever

"Your unwillingness to provide the public with this insight into your economic expectations also deprives Americans of information amidst an unprecedented campaign by the administration to shape the Fed's decisions."

"I write to request information regarding your plans to ensure the public fully understands your economic decisions and that they are being made in service of families, not the President."

Washington, D.C. In advance of this morning's hearing on "The Semiannual Monetary Policy Report to the Congress", U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, sent a letter to the Federal Reserve (the Fed) Chairman Kevin Warsh questioning his unwillingness to provide the public with insight into his projections for the economy as President Trump continues his efforts to take over America's central bank.

"[Y]ou have previously argued that the [Summary of Economic Projections] reveals too much of the Committee's internal thinking and that the Fed 'hold[s] on to those forecasts longer than they should.' But the fact that forecasts are imperfect is not a reason for the Chairman of the Fed to hide their views on the economy, especially as the President of the United States pursues an agenda that has created chaos in the economy," the Ranking Member wrote.

"For months, President Trump has made clear that he wants the Fed to lower, not raise, interest rates. His National Economic Committee (NEC) Director, Kevin Hassett stated that 'a majority' of Federal Reserve members 'are not necessarily going to be voting because they're patriotic, but rather because they want to get Trump,'" continued Ranking Member Warren. "Given that backdrop, your refusal to submit projections invites the assumption that you are unwilling to be transparent about the economic outlook out of fear that it might conflict with what President Trump wants to hear."

"Transparency about your own economic judgment is the minimum American families should expect from the person who is leading America's central bank, which makes decisions that impact the cost of their mortgages, their credit cards, and their grocery bills. Accordingly, I request your response to the following questions by no later than July 29, 2026," concluded Ranking Member Warren.

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