BANKING COMMITTEE DEMOCRATS CALL ON CHAIRMAN SCOTT TO POSTPONE HEARING FOR TRUMP FED NOMINEE STEPHEN MIRAN

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

Senators call instead for oversight hearing on Trump's attempted unlawful removal of Fed Governor Lisa Cook

Washington, D.C. Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and all Committee Democrats urged Committee Chairman Tim Scott (R-SC) to postpone consideration of all Federal Reserve nominees following President Trump's attempt to illegally fire Federal Reserve Governor Lisa Cook. Instead of moving forward with the nomination of Stephen Miran to the Board of Governors, the Committee Democrats urged Chairman Scott to hold a hearing on the economic implications of President Trump's attacks on central bank independence for American families.

All Democratic Senators on the Banking Committee signed the letter: Senators Jack Reed (D-RI), Mark Warner (D-VA), Tina Smith (D-Minn.), Catherine Cortez Masto (D-NV), Chris Van Hollen (D-Md.), Raphael Warnock (D-GA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), and Angela Alsobrooks (D-MD).

"On Monday, President Trump attempted to unlawfully remove Governor Lisa Cook from the Federal Reserve Board the first time in history that a President has tried to remove a member of the Board. This action raises serious legal concerns and threatens the independence of the Federal Reserve, which could make mortgages, credit cards, auto loans, and everyday goods more expensive for American families," the Senators wrote.

The Senators continued: "In light of these circumstances, we request that the Committee postpone the September 4th hearing on the nomination of Dr. Miran to serve on the Federal Reserve Board. The Senate should not consider any nominee to the Federal Reserve during this unprecedented attempt to undermine its independence. The Committee should instead hold an oversight hearing on the legal and economic implications of the President's actions."