DURBIN STATEMENT ON PRESIDENT TRUMP NOMINATING KEVIN WARSH TO BE THE NEXT FEDERAL RESERVE CHAIR

The following information was released by Illinois Senator Richard J. Durbin:

U.S. Senate Democratic Whip Dick Durbin (D-IL) released the following statement regarding President Trump announcing Kevin Warsh as his pick to serve as the next Chair of the Federal Reserve:

"The Federal Reserve, called by some our nation's 'central bank,' has a straightforward mission: guide monetary policy to increase employment, corral inflation, and keep America's economy on a stable, positive course. Key to the Fed's effectiveness is its credibility and independence.

"President Trump's nominee, Kevin Warsh, would follow the President's previous long-suffering selection, Jerome Powell. Trump has done everything in his power to pressure, belittle, and threaten Powell.

"The challenge is this: Warsh has the education, training, and experience for this post. But does he have the guts to tell Trump his policy choices are wrong for the economy?

"Whether or not Warsh values the reputation and independence of our nation's central bank will determine if he is the right choice at this moment in our nation's history."