A former Republican representative has called for a rebellion within the party against recent actions by former President Donald Trump that he believes threaten the independence of the Federal Reserve. Adam Kinzinger, who served in the U.S. House of Representatives from 2011 to 2023, criticized the investigation into Jerome Powell, the Chairman of the Federal Reserve, initiated by U.S. Attorney for Washington, D.C., Jeanine Pirro.
According to a report by The New York Times on November 15, 2022, Powell received a subpoena related to statements he made during a Senate committee hearing in June. In his response to the subpoena, Powell characterized it as “ongoing pressure” from Trump, asserting that it undermines the Federal Reserve’s autonomy.
In a video posted on his YouTube channel, Kinzinger urged Republican members to oppose the influence exerted by Trump and to support the Federal Reserve’s independence. He stated, “This was only done for one reason, and one reason only. Donald Trump has been wanting Jerome Powell to cut interest rates, and the Federal Reserve’s job is not to do what Donald Trump wants.”
Kinzinger explained the economic implications of interest rate adjustments, noting that lowering rates could exacerbate inflation. He emphasized that if inflation becomes uncontrollable, it necessitates raising interest rates to stabilize the economy.
The former representative criticized Trump’s actions against the Federal Reserve, suggesting they stem from the institution’s refusal to comply with his demands. Kinzinger remarked, “This is utterly insane. It’s utterly unethical. This is the moment that elected Republicans have to make a decision.”
He further argued that many Republican officials have yielded to Trump’s demands, compromising their responsibilities to represent their constituents. “As a member of Congress, your job is not to do what Donald Trump wants. Your job is to do what’s right,” Kinzinger said, underscoring the constitutional balance of power between Congress and the presidency.
Kinzinger called for current Republican lawmakers to take a stand, advocating for a collective opposition to Trump’s priorities. He urged, “You need to speak out and oppose this, and you need to make it clear that you will oppose every single one of Donald Trump’s priorities in the Senate or the House until they throttle back on this.”
The call to action from Kinzinger reflects ongoing tensions within the Republican Party regarding Trump’s influence and the broader implications for economic policy and governance. As the situation unfolds, the impact on party unity and the Federal Reserve’s operations remains to be seen.
