NEWS: BLUNT ROCHESTER STANDS UP FOR THE FED'S INDEPENDENCE, GRILLS MIRAN IN COMMITTEE

The following information was released by Delaware Senator Lisa Blunt Rochester:

During the Senate Banking, Housing, and Urban Affairs Committee hearing this morning, U.S. Senator Lisa Blunt Rochester (D-Del.) pressed Dr. Stephen Miran, the President's nominee for Federal Reserve Governor, on whether he would uphold the independence of the nation's central bank.

To watch Blunt Rochester's full exchange with Miran, clickhere. Key excerpts can be found below:

On the Importance of the Fed's Independence

Senator Blunt Rochester:"Dr. Miran, in your testimony, you spoke about the independence of the Federal Open Market Committee. You also said the independence of monetary policy is critical. So, I would like to begin with a yes or no question as well. Do you believe that the Federal Reserve should remain an independent entity, yes or no?"

Dr. Miran:"Thank you, senator. As I said in my opening statement, the independence of the Federal Reserve is critical to delivering superior long-run outcomes for the economy."

Senator Blunt Rochester:"So that's a yes?"

Dr. Miran:"Yes."

On the President's Attempts to Impugn the Fed's credibility

Senator Blunt Rochester:"The President has tried and failed to fire Chairman Powell, so now he's on to his latest target, Governor Lisa Cook.

"She is currently confronting what appears to be an intentional smear campaign and attempted firing. She has and has continued to serve our country admirably. Ranking Member Warren referenced Nixon, but to my knowledge, in the 111-year history of the Fed, no president has attempted to influence the Fed so blatantly and egregiously as our current president. Dr. Cook is a Truman Scholar, a Marshall Scholar, graduate of Spelman College, went on to Oxford. Her body of work is a direct rebuke of the failed promises of trickle-down economics. And it's not lost on me that she is the only and first ever Black woman to serve on the Federal Reserve Board of Governors.

"First, Chairman Powell. Now, Governor Cook. Who's next?..."

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Senator Lisa Blunt Rochester represents Delaware in the United States Senate where she serves on the Committees on Banking, Housing, and Urban Affairs; Commerce, Science, and Transportation; Environment and Public Works; and Health, Education, Labor, and Pensions.