Political Quotes

“I am joined by Senators Brown, Warren, Van Hollen, Booker, Whitehouse, Baldwin, Padilla, and Merkley in reintroducing the Respect for Workers Act, a bill that would ensure that at least one Federal Reserve Governor has demonstrated primary experience in supporting or protecting the rights of workers. Today, the Federal Reserve is attempting to curb inflation without plunging the economy into a recession. Over the past year, it has increased the Federal funds rate by 4\1/2\ percentage points to cool the economy and ease prices--its fastest pace of rate hikes since the early 1980s. But this is a difficult balancing act. If the Federal Reserve does not get its policies right, it may fail to defeat inflation or drive us into a recession. Workers would bear the brunt of the economic fallout attached to either outcome through higher prices or higher unemployment. Arguably no group is more affected by the Federal Reserves efforts to meet its dual mandate to promote stable prices and maximum employment than workers. But, while the law requires the Federal Reserve Board of Governors to represent diverse geographic regions and a wide array of commercial interests, no Federal Reserve Governor is required to have a background in protecting the interests of workers.…”