Senator Elizabeth Warren of Massachusetts stated today that despite the Federal Reserve's historical tradition of independence from political interference, President Trump's insistence on lowering interest rates and stimulating the economy is fundamentally aimed at securing political benefits for himself ahead of the midterm elections.

Speaking at the nomination hearing for Kevin Warsh as Federal Reserve Chair, Warren, a senior Democrat on the Senate Banking Committee, remarked, "Trump makes no secret of his desire for unilateral control and his intention to achieve complete dominance. When someone openly reveals their intentions and plans, especially a figure like Trump, we should take them at their word."

She added, "The Federal Reserve he wants would not formulate sound monetary policy for the United States... He wants the Fed to flood the market with liquidity, drive up inflation, and push prices higher; but he is betting that before inflation spirals out of control, the public will first experience the illusion of short-term economic prosperity, which he hopes will help him win the November election."

Warren also stated that the public should inquire about any potential connections between Warsh and Jeffrey Epstein.

She said, "Republicans are attempting to rush this nomination through without conducting an independent background investigation. I believe this is a profoundly serious mistake."

Regarding Trump's threat to remove current Fed Chair Jerome Powell after May 15th if Warsh is not confirmed, Warren commented that the President believes controlling the Fed and artificially stimulating the economy is his path to victory; therefore, he threatens to undermine the Fed's independence and create continuous chaos until his goal is achieved.