Commerce, Justice, Science; Energy and Water Development; and Interior

Floor Speech

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Mr. SCHUMER. Mr. President, last night, the New York Times reported that a criminal investigation has been opened into Jerome Powell, the chairman of the Federal Reserve Board. Anyone with two eyes and half a brain knows exactly what this criminal probe represents: a brazen attempt by Donald Trump to cannibalize the Fed's independence.

The allegations behind this probe are clearly bogus. This has nothing to do with building renovations, of all things; it has everything to do with Donald Trump weaponizing the DOJ into his attack dog and bullying America's central bank into submission on something unrelated to what they do.

This is another ominous, troubling step toward the MAGA-fication of America's monetary policy, which is the bedrock of the global economy and essential for stability in the markets.

So the American people should beware: If you are worried about making sure mortgage rates come down, making it easier to buy a home, Donald Trump's attack on the Fed should trouble you deeply. If you are worried about what the economy is going to look like in the next 6 months, 12 months, and beyond, Donald Trump's attack on the Fed should alarm you.

If you are a Senate Republican in this Chamber who has at any point spoken out about the Fed's independence, about the need to bring inflation down, about the importance of law and order, now is the time to find your voice and to take a stand.

The bogus criminal probe conducted by the DOJ screams for congressional oversight. We need to bring DOJ officials to testify before the Senate and explain this outrageous criminal probe, and the Senate must reject any future Trump nominee to the Fed so long as this dark cloud continues to hang over the central bank--because if Donald Trump can use the threat of criminal investigation to influence monetary policy, then we will have no independent Fed to speak of, and, again, interest rates will go up, mortgage rates will go up, car loan rates will go up, credit card rates will go up, and the American consumer will pay more.

The American consumer is already worried, troubled, and devastated by the lack of affordability, and what Trump is doing will make things even more unaffordable. You would say: What the heck does one have to do with the other? But when the markets feel there is no steadiness, no stability in the Fed, they charge more, they get worried, they clamp down.

And, look, Donald Trump is clearly angry that his own Presidency has been a disaster for our economy so is looking for a scapegoat, and he thinks Jerome Powell can be one. He has made a big mistake. No one is going to fall for that bull.

Everyone knows Jay Powell and the Fed aren't the reason Donald Trump's poll numbers and our economy are in the garbage. If he wants someone to blame, Donald Trump should simply look in the mirror, not at Jerome Powell. Venezuela

Mr. President, on Venezuela, last night, Donald Trump posted on Truth Social a ridiculous screen shot of a fake Wikipedia page that called him the acting President of Venezuela. Donald Trump calling himself the acting President of Venezuela is stupid, but it is a very useful illustration of where his head is at right now. He is totally focused on military adventures and completely ignoring the affordability crisis here at home.

To those Republicans who hemmed and hawed last week saying the U.S. involvement in Venezuela was a one-and-done, those views have now aged like spoiled milk. Last week, Donald Trump was asked if we are staying in Venezuela for a month, 6 months, a year, or longer. He answered:

I would say much longer.

And he says this with a smile on his face.

What does he think the American people are thinking--that we want another endless war, this time in Venezuela; that we want to stay for years and waste treasure and possibly lives on this adventure in Venezuela? The American people don't want that.

Then he says:

We are going to [give the] money to Venezuela.

Do you think the American people want that--a foreign adventure so we can give money to Venezuela?

Just yesterday, Energy Secretary Wright said the United States will be in Venezuela for maybe a year, maybe 2 years, and maybe more. The American people didn't vote for Donald Trump to be acting President of Venezuela for a year, 2 years, 3 years--even for a day; they voted for him to put America first and bring down the cost of living.

The more people learn about what is going on in Venezuela, the more people hear that U.S. involvement could last years, the more they will demand that Congress act.

Now, the good news is that this week, the Senate has a chance to halt Trump's military follies, to halt his focus on foreign adventurism rather than bringing down their prices.

Last week, a strong bipartisan group of Senators moved forward with a War Powers Resolution I championed with Senators Kaine, Schiff, and Paul. The Senate will vote this week to pass this resolution and affirm the Congress's constitutional authority on matters of war and peace.

I say to my Republican colleagues who don't yet support this resolution: Join us to prevent another forever war.

The pressure will be on Senate Republicans this week to make a choice: Stand with the majority of Americans who don't want us in Venezuela or enable Donald Trump and risk entangling us in another forever war.

The American people will be watching what we do this week. Americans don't want another round of endless wars. They don't support propping up foreign nations and regimes.

The vote this week will tell all, and the American people will be watching. Tariffs

Mr. President, finally, on tariffs, as soon as this week, the U.S. Supreme Court may rule on whether or not Donald Trump's chaotic tariff policies are constitutional.

I have long been very clear that the Supreme Court should strike Donald Trump's tariffs down. The President's tariffs are an unlawful usurping of Congress's authority over trade, and I have seen firsthand in New York how they have raised prices for families and shut down so many small businesses.

Congress may not have a say on whether or how the Supreme Court will rule, but we absolutely have a say on future legislation on the President's tariff authority. The Senate has already voted four times on a bipartisan basis to reject Trump's illegal trade war.

If the Supreme Court strikes down all or some of Donald Trump's tariffs, we know he will come to Congress and demand another blank check. Republicans must be ready to buck up and tell him no.

Senate Democrats will not support any legislation that hands the President a free pass to slap tariffs on whoever he likes, the consequences for our economy be damned, in his eyes.

No blank checks for an endless trade war. No blank checks for Donald Trump to issue tariffs whenever he likes against whomever he likes, regardless of the consequences--particularly the American people, as he raises and raises and raises their cost of living.

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