NEWS: SENATORS BLUNT ROCHESTER, GALLEGO INTRODUCE BILL TO PROTECT FED INDEPENDENCE, PREVENT DUAL APPOINTMENTS

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

U.S. Senator Lisa Blunt Rochester (D-Del.) joined Senator Ruben Gallego (D-Ariz.) to introduce the Fed Integrity and Independence Actto prohibit members of the Federal Reserve from holding multiple positions appointed by the President. The bill is cosponsored by fellow Senate Banking, Housing, and Urban Affairs Committee Democrats Senators Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.), Andy Kim (D-N.J.), andAngela Alsobrooks (D-Md.).

"Given how much impact the Federal Reserve hason hardworking Americans, it is critical that its decisions remainfree from politicalinfluence,"said Senator Blunt Rochester."That is the point I made to Dr. Miran in committee, and that is why I joined my colleagues in cosponsoring this bill. Congress must act to preserve the independence of the Federal Reserve."

"An independent Fed that is not subject to the whims of politics is the cornerstone of our nation's monetary policy. To jeopardize that puts our economy Americans' ability to find a job, afford a home, or pay off their credit cards at risk,"said Senator Gallego."Mr. Miran has been given every opportunity to do the right thing and resign from his position at the White House and has refused. This bill would require him to do so."

READ MORE:Senate Democrats Target Miran's Dual Fed, White House Roles (The Wall Street Journal)

During committee testimony, now-Federal Reserve Board Member Stephen Miran repeatedly refused to say that he would resign from his position as Chair of the President's Council of Economic Advisers should he be appointed to the Fed stating that he, "received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisers."

TheFed Integrity and Independent Actwould prohibit Federal Reserve Bank Presidents, Vice Presidents, Officers and Employees, Board of Director Members, and Board of Governors Members from holding other positions appointed by the President, including under a leave of absence whether paid or unpaid.

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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.