On Senate Floor, Brown Stresses the Need for a Full Federal Reserve Board to Address Inflation and Economic Uncertainty
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, took to the Senate floor today to call on his Republican colleagues to vote on crucial Federal Reserve Board nominations.
Video of Senator Brown’s remarks is available here.
Sen. Brown’s remarks, as prepared for delivery, follow:
Mr./Mdme. President,
Every day, Americans get up, go to work, and do their jobs. It’s time for us to do ours.
We have five outstanding nominees for the Federal Reserve. They’re ready to get to work fighting inflation.
Vladimir Putin has made it clear he doesn’t care who he hurts in his maniacal quest for power. He has no problem attacking innocent Ukrainians defending their country. And he has no regard for hardworking families in the U.S. and Europe and across the world, who can’t afford higher energy prices.
Our Senate colleagues of both parties have so far shown a united front against Putin. We’re united in the need for punishing sanctions against Putin and his cronies.
But along with those sanctions, it’s our job to do all we can to make sure Putin’s invasion does not hurt hardworking Americans. Let’s be clear – this body, this Administration, and this Fed will do all we can to combat inflation.
And when it comes to spikes in energy prices because Putin’s warmongering – our resolve is strong. Our commitment to democracy is sure.
This is not the moment for political stunts.
As we deal with the first land war in Europe since World War II, as we confront inflation, and as we emerge from a global pandemic, everyone understands that we need a full Federal Reserve board – the first one in nearly a decade.
Americans don’t want more political theatrics, they want solutions to take on Putin, to protect our national security, and to bring down costs.
There is no reason for more delay.
- These nominees have met with every Senator who asked for a meeting.
- They met with staff of senators who asked.
- They offered to meet with many of my colleagues who refused to meet with them – and then boycotted the vote.
- They answered every question posed to them at the hearing.
- They answered every question submitted for the record, more than 200 of them, in a timely matter.
- One nominee even answered questions submitted after the deadline.
If we’re going to continue growing our economy, we need all seven Fed Governors in place. We need these professionals – working and debating and making decisions about monetary policy, and interest rates, and jobs, and tackling inflation.
We also need these professionals to do the Fed’s critical work of helping prevent cyber attacks on our financial system.
We all know Russia’s skill at cyber warfare. Now is the moment for Sarah Bloom Raskin’s record and expertise.
She’s helped lead efforts in both government and the private sector.
She served as co-chair of the G-7 Cyber Expert Group. She’s elevated the issue on corporate boards, and she played a pivotal role in the helping craft the Obama Administration’s efforts to combat cyber threats in the financial industry.
She’s the leader we need at this critical moment. Let’s get her on the job. Let’s get all of these nominees on the job:
Dr. Lisa Cook and Dr. Philip Jefferson, who understand the workers and communities that make our economy work.
Chair Powell and Governor Brainard, who led the Fed’s extraordinary efforts to support our economy through the pandemic.
We need a full Federal Reserve Board and a united front to make our economy stronger, take on inflation, and to take on Putin.
So I implore my Republican colleagues: Let’s do our jobs. Let’s come together and get these nominees on the Fed.
The world is looking to us right now. We are still the leader of the free world. Let’s show the world what a functioning democratic government looks like.
Let’s get this done for the people we serve.
###
Next Article Previous Article
