ALL BANKING COMMITTEE DEMOCRATS DEMAND CHAIRMAN SCOTT DELAY WARSH NOMINATION HEARING UNTIL SHAM INVESTIGATIONS AGAINST FED BOARD MEMBERS ARE CLOSED

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

"We demand that you delay any nomination proceedings for Mr. Warsh until after the pretextual criminal investigations involving Chair Powell and Governor Cook have been closed."

"These ongoing efforts by the President to control the Fed which must be able to exercise independent judgment undermine public confidence in any nomination for chair at this time."

Washington, D.C. All eleven Democratic Members of the Senate Committee on Banking, Housing, and Urban Affairs sent a letter to Chairman Tim Scott calling on him to delay the nomination hearing of President Trump's Fed Nominee, Kevin Warsh, until all pretextual investigations against current Federal Reserve Board members are closed. Signers of the letter to Scott include Ranking Member Elizabeth Warren (D-Mass.) and Senators Jack Reed (D-RI), Mark Warner (D-VA), Chris Van Hollen (D-Mary.), Catherine Cortez Masto (D-NV), Tina Smith (D-Minn.), Raphael Wanock (D-GA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-Mary.).

"The (Warsh) nomination comes after months of repeated efforts by President Trump and his Administration to influence the Fed by intimidation, including by opening criminal investigations into Fed Governor Lisa Cook and Fed Chair Jerome Powell. These ongoing efforts by the President to control the Fed - which must be able to exercise independent judgment - undermine public confidence in any nomination for chair at this time," wrote the Banking Committee Democrats.

The Banking Committee Democrats continued: "We demand that you delay any nomination proceedings for Mr. Warsh until after the pretextual criminal investigations involving Chair Powell and Governor Cook have been closed."

The Senators wrote: "The Administration's apparent effort to seize control of the Fed through criminal prosecutions is dangerous and unprecedented. It would be absurd on its face to allow President Trump to handpick the next Chair of the Federal Reserve as his Department of Justice actively pursues criminal investigations of not one, but two sitting members of the Federal Reserve Board. This Committee should not participate in this farcical effort that threatens to undermine our democracy and confidence in our financial markets."