Senator Bernie Moreno demands Jerome Powell’s resignation after revealing the Fed Chair’s inaction has cost American taxpayers a staggering $400 billion annually while selectively criticizing President Trump’s economic policies.
Key Takeaways
- Ohio Senator Bernie Moreno accused Fed Chair Jerome Powell of hypocrisy for criticizing Trump’s trade policies while remaining silent on Democrat policies driving inflation
- Powell’s refusal to lower interest rates is costing the U.S. government approximately $400 billion per year, according to Moreno
- During the Senate Banking Committee hearing, Powell declined to comment on how COVID lockdowns, vaccine mandates, and energy restrictions have contributed to inflation
- Moreno called for Powell’s resignation, questioning his motives and accusing him of significant negative impact on the American economy
Selective Criticism and Political Bias
In a fiery confrontation during the Senate Banking Committee hearing, Ohio Senator Bernie Moreno took Federal Reserve Chair Jerome Powell to task for what he characterized as blatant political bias. Moreno highlighted Powell’s pattern of criticizing President Trump’s trade initiatives while remaining conspicuously silent on Democratic policies that have fueled inflation. The exchange exposed Powell’s reluctance to acknowledge how specific left-wing measures like COVID lockdowns, vaccine mandates, and restrictions on American energy production have contributed to the inflation crisis facing American families.
Moreno did not mince words when addressing Powell’s selective commentary on economic policies. He pressed the Fed Chair on why he felt comfortable speaking out against Trump’s tariffs, but refused to acknowledge how Democrat-driven policies had negatively impacted the economy. “You’ve never once commented on anything the Democrats have done to create inflation,” Moreno stated firmly, pointing out the inconsistency in Powell’s approach to commenting on government policies. When questioned about the inflationary effects of vaccine mandates and energy restrictions, Powell claimed these issues fell outside the Federal Reserve’s purview.
$400 Billion Annual Cost to Taxpayers
Senator Moreno delivered a devastating fiscal assessment during the hearing, revealing that Powell’s refusal to lower interest rates has resulted in an astronomical cost to American taxpayers. “You’re costing the government $400 billion a year by not lowering interest rates,” Moreno declared, highlighting the severe financial burden placed on the nation’s economy through Powell’s monetary policy decisions. This stunning figure represents funds that could otherwise be directed toward critical infrastructure, border security, or returned to hardworking Americans through tax relief.
The hearing further exposed Powell’s unwillingness to address key economic factors contributing to inflation. When Moreno inquired about the impact of corporate tax rates and supply chain disruptions on inflation, Powell reluctantly acknowledged these factors could influence prices but maintained that the Federal Reserve does not comment on such policies. This stance appears increasingly untenable given Powell’s previous willingness to criticize certain policies while remaining silent on others with equal or greater economic impact.
Call for Resignation
As the heated exchange reached its climax, Senator Moreno explicitly called for Powell’s resignation, citing his failure to effectively manage inflation and his apparent political bias. “You should resign,” Moreno asserted, underscoring the severity of Powell’s mismanagement and its consequences for everyday Americans struggling with rising costs. The Senator emphasized that Powell’s decisions have had profound negative impacts on the nation’s economy while questioning whether the Fed Chair was deliberately maintaining high interest rates for political purposes.
Moreno’s confrontation with Powell represents a broader conservative critique of the Federal Reserve’s handling of monetary policy under the current administration. The exchange highlighted how Powell’s decisions have contributed to the financial struggles of American families while exposing what appears to be a clear double standard in how the Fed Chair addresses economic policies from different political parties. With inflation continuing to erode Americans’ purchasing power, Moreno’s call for accountability resonates with millions of citizens experiencing the painful economic consequences of these failed policies.
