Amid mounting pressure on Federal Reserve chair Jerome Powell to lower interest rates, Alabama's U.S. Senators are adding some pressure of their own.
Last week, Powell announced that rates would remain between 4.25% and 4.5% despite a strong economy due to uncertainty over Trump's tariffs,
U.S. Sen. Katie Britt (R-Montgomery) questioned Powell on Wednesday during a Senate Banking Hearing. In the hearing, she asked the chairman if he agreed that the economy was strong.
Powell agreed, describing the economy as "solid" and said he would continue watching the market "carefully" before adjusting rates.
U.S. Sen. Tommy Tuberville (R-Auburn) has repeatedly called for Powell's firing, posting "Today is a great day to fire Jerome Powell" daily since June 19.
"[Powell] is playing God, is what he's doing," Tuberville told Fox Business Network on Tuesday. And inflation is low as it has been in months, and by the way, he did lower rates right before the election for Kamala Harris. But, FJP — Fire Jerome Powell."
"He is killing our farmers, our small businesses and the middle class," he added.
President Donald Trump is reportedly considering replacing the Fed chairman and is down to three or four candidates.
In a statement to 1819 News, Britt expressed her excitement to learn Trump's nominee to replace Powell and "hearing their vision for putting Americans first and reviving the U.S. economy.”
“Chair Powell has less than a year left in his term at the Federal Reserve, and I support President Trump’s plan to nominate his replacement. As a member of the Senate Banking Committee, I look forward to seeing who President Trump nominates and hearing their vision for putting Americans first and reviving the U.S. economy," Britt said.
To connect with the author of this story or to comment, email [email protected].
Don't miss out! Subscribe to our newsletter and get our top stories every weekday morning.
