Banking Democrats Call on Chairman Scott to Hold Hearing on Trump’s Disastrous Use of Emergency Powers to Impose Tariffs and Cause Chaos for American Families
Senate Banking Committee Dems: “We urge you to hold a hearing so the American people can understand the President’s plan and how it will affect their economic futures.”
Senator Warren: “Congress is not without power. Republicans in Congress can join Democrats to pass a resolution immediately to turn off President Trump’s tariffs.”
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs (BHUA) Committee, led Committee Democrats in calling on Chairman Tim Scott (R-S.C.), to convene a hearing on President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs. On Friday, Ranking Member Warren called on Republicans in Congress to join Democrats in overturning President Donald Trump’s use of the International Emergency Economic Powers Act (IEEPA) to put in place across-the-board tariffs that threaten to push the American economy off a cliff.
The Senate BHUA Committee has critical responsibilities for overseeing the use of IEEPA, which gives the President broad authority to impose economic measures in response to extraordinary threats and declared national emergencies. That authority is not a blank check for the President to enact sweeping new trade policies that harm hard-working American families.
“The committee has jurisdiction over key aspects of IEEPA and tariffs as a tool, and we have a responsibility to the American people to exercise our oversight function to scrutinize how the President is using them,” wrote Senate Banking Democrats.
In the letter, the Senators raise concerns that Trump’s tariff policies lack a coherent strategy that could damage the economy, repeat the corporate favoritism seen in his first term, and hurt American consumers by driving up prices.
“We urge you to hold a hearing so the American people can understand the President’s plan and how it will affect their economic futures,” the Senators concluded.
The letter’s signatories also include Warner (D-Va.), Van Hollen (D-Md.), Cortez-Masto (D-Nev.), Reed (D-R.I.), Smith (D-Minn.), Warnock (D-Ga.), Gallego (D-Az.), Alsobrooks (D-Md.), Kim (D-N.J.), and Blunt Rochester (D-Del.).
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