Political Quotes

“I oppose the Paul amendment. This amendment would remove one of the primary tools used by the Federal Reserve to implement monetary policy. The Fed used these tools that have been indicated on the floor with great effectiveness to contain the damage in financial crises in 2008 and 2020. In this uncertain economic moment, handcuffing the Fed would be a grave mistake. Unemployment is increasing, inflation is not contained, markets are highly volatile, tariffs are imposed and rescinded, and the Fed is under constant attack from the White House. The Fed needs all the tools in its box to prevent a crisis. We cannot wait in another crisis to have the Fed ask Congress to respond. That would be going in the wrong direction. If Congress does remove these tools, then the Fed could be forced to begin a fire sale on Treasury securities and mortgage-backed securities worth trillions of dollars, and the Fed will no longer be able to control the monetary system. We have to do what we can to ensure that the Federal Reserve can prevent a crisis, and that it is not left waiting on the sidelines in the crisis unable to respond effectively. I urge a ``no'' vote.”