Let's talk about Tillis blocking Trump's Fed plans.... - Belle of the Ranch

[TexasTowelie]

Well, howdy there Internet people. It's Belle again. So, today we're going to talk about Tillis blocking Trump's Fed plans.

Republican Senator Thom Tillis of North Carolina seems to be holding to his promise to block Trump's moves at the Federal Reserve until Trump's alleged campaign aimed at forcing people out of their positions at the Fed has ended. Specifically, Tillis wants the criminal probe into Federal Reserve Chair Jerome Powell resolved before there is any movement on a potential replacement.

Tillis agreed to meet with Kevin Warsh, who is Trump's nominee, but made it clear there was nothing Warsh could say that would change his mind. And after the meeting, Tillis told the press his position had not changed and that he would be voting against advancing Warsh's nomination out of the banking committee. Tillis went on to explain why he's taking such a hard line on this and said, "This is not about people, it's about process. I think this is a foul."

He then added, ”this is about this is bedrock principle of Fed independence. The reason why I came out so strongly so early is I believe that we I have no earthly idea what the market reaction would have been if suddenly the perception is that the Fed Chair serves at the pleasure of the president. Right?”

So let's be clear. Tillis isn't wrong. There will be an explainer down below that goes over the importance of central bank independence. Trump's assault on the independence of the Federal Reserve is the sort of amateur move that could lead recession to depression as the monetary policy of the country becomes subject to the whims of a man who thought tariffs were paid by foreign countries.

When talking about the push to fire Fed Governor Lisa Cook, Tillis made it clear he thought it was a horrible idea and actually called for the firing of whoever came up with the plan to go after her. “Whoever came up with that idea should be fired, too.”

Tillis has repeatedly made it clear that once the campaign aimed at disrupting independence at the Federal Reserve is ended, he'd be happy to move forward with Warsh's process. “We had seven members of the banking committee who were witnesses at the alleged scene of the crime who said no crime was committed. Why are we even still having this discussion and holding up a great nominee?” I think it goes back to a young US attorney with a dream with a bogus basis for an investigation. They need to acknowledge that and step away from it so we can get him confirmed.

Once this is all charted, you have a handful of people stopping Trump from destroying the US economy, even more than he has already. We have to hope that they're willing to hold the line until the political situation in DC changes or we'll all pay for it for years. Just like Trump's tariffs and military interventions.

Anyway, it's just a thought. Y'all have a good day.