Political Quotes

“Jerome Powell was a better choice for Federal Reserve Chair than Lael Brainard, but that alone is not a good enough reason to confirm Chairman Powell for a second term. Chairman Powell has presided over a series of failures at the Fed, while the Fed's actions during his tenure have harmed working-class Americans and worsened inequality. The Senate should not support his renomination. The core mission of the Federal Reserve from the very beginning has been to foster stable prices and ensure a sound currency. No one--no one--can seriously argue that the Fed has accomplished this mission under Mr. Powell's leadership. After years of reckless policy and months of obfuscation, inflation now exceeds 6 percent, the highest rate of inflation in 30 years--the highest rate of inflation in 30 years. An inflationary economy rewards will-be speculators and the holders of large assets and debts like, for instance, the Federal Government or giant corporations, but it ruins responsible citizens who are just trying to save for their retirements or maybe their kids' colleges. In the worst-case scenario, the value of money can collapse, endangering society itself. In less catastrophic but still serious conditions, Americans who have played by the rules for many years, responsibly working and saving, see the value of their money slowly erode over time.…”