CALL TO ACTION

Tell Senator Mike Rounds to support the Federal Reserve nominees.

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Full Letter

Our Country Needs Every Tool We Have to Fight Inflation and Grow Our Economy


A Call to SD Senator Mike Rounds to Support the Federal Reserve Nominees



As we confront an inflation crisis and related global economic challenges, the US must ensure that our economy grows and that we meet the needs of business owners, investors, and consumers. To fully put COVID behind us, we must tackle inflation and use all the tools we have to support stable prices and economic growth.

Our most important inflation-fighting tool is the Board of Governors of the Federal Reserve, which is weakened due to an historic number of empty seats. And, while the Federal Reserve does not decide who gets loans, the Fed’s monetary policies matter when it comes to having healthy community banks that provide small business loans, and much more. The Fed’s mandate to ensure stable prices and maximum employment means a great deal to our businesses, banks, and communities.


Thankfully, we have the tools we need: a bipartisan slate of highly qualified, diverse economists waiting to be confirmed to join the Board of the Federal Reserve. However, Senate Republicans have thus far refused to allow a vote on these stellar nominees.


These nominees have a wide array of inflation-fighting skills that our country needs now. They include nominees like Chair Powell, who was originally appointed by President Trump and whose term is up for renewal. President Biden has re-nominated Chair Powell even though he is a Republican. President Biden has also nominated the widely-respected macroeconomist, Dr. Lisa Cook, who has worked for both Republicans and Democrats and has support from across the political spectrum. She would also be the first African-American woman to serve on the Board. Dr. Cook was raised in rural America and has spent her career in the heartland, rather than on the DC cocktail party circuit. She understands the needs of communities like those here in South Dakota.

We urge Senator Rounds to meet with these nominees and to vote to move them out of Committee. Their inflation-fighting skills will help South Dakota businesses and job-seekers get back on track.

Our country needs every tool we have to fight inflation and grow our economy. And we need every Senator to do everything they can to help America’s families, workers, and small businesses.

Our most important inflation-fighting tool is the Board of Governors of the Federal Reserve, which is weakened due to an historic number of empty seats. And, while the Federal Reserve does not decide who gets loans, the Fed’s monetary policies matter when it comes to having healthy community banks that provide small business loans, and much more. The Fed’s mandate to ensure stable prices and maximum employment means a great deal to our businesses, banks, and communities.


Currently, the process to appoint this slate of five qualified nominees, including a Republican, is stalled in the Senate Banking Committee because there has not been a vote.


We urge Senator Rounds to meet with these nominees and to vote to move them out of Committee. Their inflation-fighting skills will help South Dakota businesses and job seekers get back on track.

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