Senator Bernie Moreno grilled Federal Reserve Chair Jerome Powell over his apparent politically motivated comments regarding President Trump's tariffs and his unwillingness to lower interest rates despite a surging economy.
Moreno (R-OH) was particularly incensed that Powell had been willing to publicly speak out on the matter of tariffs when he had remained silent on all issues under the former President Biden.
On every matter from COVID lockdowns to vaccine mandates, and on to taxation of corporations and banning LNG (Liquified Natural Gas), Powell stayed quiet.
But tariffs, in his mind, will send inflation soaring, as if we didn't watch rates blow through the atmosphere when Biden was in the White House.
Powell, in testimony before the Senate Banking, Housing and Urban Affairs Committee on Wednesday, insisted "there will be some inflation from tariffs coming."
Moreno wanted to know why Powell was such a critic of Trump's economic policies but didn't squeak like a mouse once during Biden's four-year crusade to crater the economy.
"Powell didn’t comment when Dems sent inflation soaring with Covid lockdowns, vaccine mandates, LNG export bans, and massive tax hikes. But he’s all too happy to attack President Trump’s trade agenda," he wrote, posting a video of the exchange on X. "He’s costing America 100s of billions and should resign."
Senator @berniemoreno: Did you comment during COVID lockdowns?
— Townhall.com (@townhallcom) June 26, 2025
Jerome Powell: Of course not.@berniemoreno: Vaccine mandates...? Ban of LNG...?
He said NOTHING about those inflationary shocks—but he has LOTS to say about President Trump. pic.twitter.com/4ps9oJqarY
Fed Chair Ignores Trump's Blistering Criticisms, Goes His Own Way on Interest Rates
“Did you comment during COVID lockdowns that was a bad idea, meaning that you’re shutting down the entire economy?" Moreno wondered.
Powell replied, "Of course not."
Of course not? Lockdowns were only one of the most significant factors in devastating the American economy for years. Why would he comment on that?
But tariffs, which experts such as himself can only theorize, will at some point down the road have a minor effect on the economy? Now that's what Powell is focused on.
Moreno proceeded to point out that Biden's dictatorial decree on vaccine mandates delivered a shock to the supply chain by ravaging workforces, but Powell remained silent.
“If I’m running an assembly line, and now I have to put my people six feet apart, and now I have people quitting or not coming to work, or I have to fire them. That’s a supply chain shock. Wouldn’t you agree?” the Senator asked.
Powell demurred, dismissing it as less an economic issue and more "a medical thing."
Moreno noted next that the burden of corporate taxes is eventually passed on to the consumer, a point Powell conceded. Additionally, Moreno mentioned that bans on LNGs cause commodity prices to rise, and how student loan forgiveness is unfair to the working class.
"But you don’t comment on that," the Ohio senator pointed out. "You comment on tariffs."
“I don’t comment on tariffs at all actually. I comment on inflation," Powell countered, despite commenting on tariffs earlier in the hearing and having done so for months.
I didn’t know this. Why is Jerome Powell spending money on renovations while holding rates high and choking Americans?
— Pulte (@pulte) June 24, 2025
Powell’s reckless $1.9 Billion renovations warrant a full-fledged investigation.
Powell is allegedly spending $1.9 Billion on renovations including “rooftop… pic.twitter.com/FKsXDkl0qI
Moreno concluded by asking Powell to consider whether he's "really looking at this from a fiscal lens or a political lens, because you just don’t like tariffs.”
President Trump on Tuesday hammered Powell over his refusal to cut interest rates and expressed hope that Congress "really works this very dumb, hardheaded person, over."
"We will be paying for his incompetence for many years to come."
Powell’s term as Chair is set to expire in May 2026. Trump could choose not to reappoint him and appoint a new Chair at that time, subject to Senate confirmation.
The president, according to the Wall Street Journal, is currently weighing the potential of naming his successor much earlier than is customary, in an attempt to "undermine" Powell.
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