Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement alleging that President Donald Trump is seeking to remove Jerome Powell from the Federal Reserve Board and use Department of Justice authorities to exert control over the Federal Reserve. She called on the Committee and the Senate not to move forward with any Trump nominee for the Federal Reserve, including a nominee for Federal Reserve Chair. The statement asserted that, as Trump prepares to nominate a new Fed Chair, he aims to install a compliant replacement and described this as an attempt to ensure the central bank serves Trump’s interests and those of his wealthy supporters.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-01-11
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member Warren urges Senate to block Trump Federal Reserve nominees amid allegations of effort to oust Powell
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, accused President Donald Trump of attempting to remove Jerome Powell from the Federal Reserve Board to exert control over the Federal Reserve. She urged the Committee and Senate to reject any Trump nominee for the Federal Reserve, including for the Chair position.