Senator Kim Focuses on Independence, Transparency, and Supporting Workers During Banking Committee Hearing with Federal Reserve Chairman Jerome Powell
Senator Kim Focuses on Independence, Transparency, and Supporting Workers During Banking Committee Hearing with Federal Reserve Chairman Jerome Powell
WASHINGTON D.C. – Today, Senator Andy Kim focused on the importance of political independence, transparency, and a dedicated workforce within the Federal Reserve System (The Fed) to contribute to a clear-eyed commitment to their mission of ensuring monetary stability and economic growth. The hearing was entitled, ‘The Semiannual Monetary Policy Report on the Congress’ and featured Hon. Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System.
During his question line, Senator Kim highlighted the importance of separating politics from the Fed’s work and uplifted the committed service of the Federal Reverse’s workforce as a critical component to their overall success. Senator Kim concluded with asking the Chairman if there is a way to 100% guarantee increased tariffs would not result in higher costs for families – Chairman Powell said there is no accurate way to make that guarantee.
“I did a telephone town hall last night…and there is a lot of anxiety right now by the American people trying to understand what’s happening and seeing and interpreting what’s happening right now on the news. I wanted to ask you for your words about how you’d explain to the American people the importance of independence, when it comes to the Federal Reserve,” said Senator Kim.
“The point is that we’ll make better policy, we’ll keep inflation lower, if we just focus on doing our job and stay out of politics, stay out of elections, and don’t try to favor or to hurt any political party, any political figure. Just focus on the data. If we start putting up political filters, we’ll be less effective at our already quite difficult job…In both political parties and both sides of the Hill I think there is a decent degree of support for continued independence,” said Chairman Powell.
Senator Kim is a member of the Committee on Commerce, Science, and Transportation; the Committee on Banking, Housing, and Urban Affairs; the Committee on Health, Education, Labor, and Pensions (HELP); the Committee on Homeland Security and Governmental Affairs; and the Special Committee on Aging. Before being elected to the U.S. Senate, Kim represented New Jersey’s Third Congressional District in the U.S. House and was a career public servant working in national security and diplomacy at the White House, State Department, and Pentagon.
