Washington, D.C. – Today, Congressman Warren Davidson (OH-08), member of the House Financial Services Committee, released the following statement praising President Trump's intentions to nominate Jerome Powell as Chairman of the Federal Reserve while underscoring the Fed’s need to focus on large economic growth.
“I think the President made the right choice in nominating someone new to lead the Federal Reserve. I wish Mr. Powell the best throughout the confirmation process. As the confirmation process moves ahead, I look forward to hearing how Mr. Powell plans to captain monetary policy and restore regulatory balance to benefit hardworking families in Ohio and across the country.”
As an Ohio businessman and manufacturer, Rep. Davidson recently led a letter to President Trump urging he nominate someone with “a fresh perspective” to the Federal Reserve.
“I think the President made the right choice in nominating someone new to lead the Federal Reserve. I wish Mr. Powell the best throughout the confirmation process. As the confirmation process moves ahead, I look forward to hearing how Mr. Powell plans to captain monetary policy and restore regulatory balance to benefit hardworking families in Ohio and across the country.”
As an Ohio businessman and manufacturer, Rep. Davidson recently led a letter to President Trump urging he nominate someone with “a fresh perspective” to the Federal Reserve.
- "Three House Republicans, including Representative Warren Davidson of Ohio, sent a letter to Mr. Trump pressing for new leadership at the Fed. Republicans want to constrain the Fed’s conduct of monetary policy, and to install a Fed chairman who is supportive of efforts to reduce financial regulation.” New York Times
- “Davidson cited Yellen’s approach to regulatory enforcement as key to his opposition. ‘The way she’s applied the regulatory framework outside of monetary policy is one of my main concerns,’ Davidson said, adding that strict stances on some rules has ‘led to slower economic growth.’” Bloomberg News
- “…Davidson said that under Yellen’s leadership, the Federal Reserve has not succeeded in growing the economy to its fullest potential. “We’ve had a recovery, but that recovery has been much more modest than the ones we’ve had in the past,” Davidson said to the Journal-News.
Davidson wants the Fed to focus on monetary policy that grows the economy to its fullest potential instead of adding regulations that slow fast growing companies.
- “… [Davidson] said the policy the Fed pushed was small growth versus larger growth in the business sector. ‘They basically were treating lines of credit as if they were fully utilized...'". Journal-News
- “Davidson named Taylor and Warsh as his top choices but said he’d be fine with Cohn or Powell as well. ‘The point is that we have an opportunity to do better than Janet Yellen,’ he said.” Bloomberg News
- “…the GOP members insist the Fed has overstepped its bounds elsewhere thanks to the ‘virtually unlimited regulatory authority’ over the nation's banking system. They cite the Fed's ‘radical monetary experiment’ that has included the central bank balance sheet swelling to $4.5 trillion thanks to three rounds of bond buying it engaged in to lower interest rates and stimulate the flow of money to riskier assets like stocks.” CNBC News
- “’These actions have blurred the line between fiscal and monetary policy almost beyond recognition, facilitating the Obama Administration's trail of reckless spending and doing so at the borrowed time of an unsustainable national debt on the backs of the American taxpayer,’ the letter stated.” CNBC News
In a recent interview with CNBC, Rep. Davidson said the Federal Reserve is currently held unaccountable to Congress in how it applies capital-lending standards which has vast implications on how fast small companies can grow.
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