Reed criticizes Trump over threat to sue former Fed chair Jay Powell
The Rhode Island Democrat called the president's attacks on Powell "baseless" and said Trump should focus on lowering prices instead.
U.S. Sen. Jack Reed, D-R.I., on Wednesday criticized President Donald Trump for threatening to sue former Federal Reserve Chair Jay Powell. Reed said the president should be focused on affordability and lowering prices.
According to Reed's office, Trump threatened to sue Powell and said he should be forced off the central bank's board. Reed's office said this came after an independent watchdog investigation found no evidence of criminal wrongdoing in a $2.5 billion renovation of the Fed's headquarters.
"Instead of focusing on affordability and lowering prices, President Trump continues baseless attacks on Jay Powell and the Fed's independence," Reed said in a statement.
Reed, a member of the Senate Banking, Housing, and Urban Affairs Committee, argued that the president's "chaotic, price-raising tariffs, trade wars, and reckless Iran war" are hurting the U.S. economy and causing financial hardship for working Americans.
He said Americans pay higher prices at the grocery store, the doctor's office and the gas pump, calling those costs "a de facto 'Trump tax.'"
"President Trump should stop threatening Jay Powell and the Fed's independence and start taking responsibility for his own actions," Reed said.
The statement did not include a response from Trump or the White House.
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