Fed Up Campaign Responds to Fed Governor Resignation
Statement by Fed Up Co-Director Shawn Sebastian
Shawn Sebastian, Co-Director of the Fed Up campaign, released the following statement in response to the news that Federal Reserve Governor Daniel Tarullo, who served as chair of the Board of Governor’s Committee on Supervision and Regulation, will resign on April 5.
“The financial crisis was devastating for working families and communities of color. Without Daniel Tarullo at the Fed working to prevent the next crash, working people are the ones who will be hurt the most.
“The Trump administration is poised to speed us towards another financial crash with the Financial CHOICE Act. Tarullo played a huge role in developing the regulations that have stabilized our financial system following the crash, and his loss makes all of us more vulnerable to unemployment, loss of wealth, and insecurity.
“Moreover, there will be three out of seven vacancies at the Board of Governors, leaving an opportunity for Trump to fill the spots with his Wall Street cronies and dealing a devastating blow to the economy-stabilizing role of the Board of Governors.
“Working families and communities of color cannot afford to suffer through another financial crisis. The Senate should not confirm any nominee for the Vice Chair for Supervision position who is not willing to continue Tarullo's work reining in Wall Street.”
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda
Fed Up is a coalition of community organizations and labor unions across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. The Fed can keep interest rates low, give the economy a fair chance to recover, and prioritize genuine full employment and rising wages for all communities