OLYMPIA – Responding to Federal Reserve Chair Jerome H. Powell’s Sunday statement warning of political intimidation tactics to influence monetary policy, Washington State Treasurer Mike Pellicciotti issued the following statement:
“The weaponization of the Department of Justice to intimidate and coerce a sitting Federal Reserve Chair strikes at the foundational independence required for economic stability and threatens America’s position as the dominant figure in the global economic order.
“For months I have warned about the President’s ‘Bananification’ of our national public finances, acting beyond his Constitutional bounds. This self-inflicted economic instability is making America weaker. He imposes tariffs on a whim, unlawfully withholds Congressionally authorized funds, and undermines the Federal Reserve’s independence – this all inflicts damage to American prosperity and economic strength.
“Congress must assert its authority and put an end to this economic chaos before the President irreversibly erodes America’s financial standing in the world.”