Tester Statement on Minority Blocking Vote on Jerome Powell to Chair Federal Reserve

U.S. Senator Jon Tester today released the following statement after the minority members of the Senate Banking Committee blocked Jerome Powell’s nomination to Chair the Federal Reserve, intentionally endangering the American economic recovery:

“Chairman Powell has been a steady hand guiding our economy through one of the greatest economic crises in American history, and he has received bipartisan support for his decisive efforts. But at a pivotal moment for our recovery, Mitch McConnell and his followers are blocking Powell’s confirmation and kneecapping the Fed’s ability to combat inflation and lower costs for working families. Make no mistake: hardworking American families will pay the price for these political games if my colleagues do not reverse course and allow this vote to proceed.”

Republicans on the Senate Banking Committee boycotted a planned Committee vote today on five nominees to the Federal Reserve, including Chairman Powell. This boycott indefinitely delays their confirmation and leaves the Federal Reserve without several critical board members. By contrast, Senator Tester supported several Trump Administration Federal Reserve nominees, including Chairman Powell’s first nomination.