WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) joined Dagen McDowell and Guy Benson on The Bottom Line to discuss his recent calls for President Trump to fire the Chair of the Federal Reserve Jerome Powell.
Excerpts from Senator Tuberville’s interview can be found below, or viewed on YouTube or Rumble.
McDOWELL: “Our next guest says, ‘Today’s a great day to fire Jerome Powell.'”
BENSON: “He is Alabama Senator Tommy Tuberville, and he joins us right now. Alright, Senator. So clearly, the President is very frustrated with Jay Powell. Powell was saying that he’s expecting this inflation to show up at some point. I guess the question that I have is: what if it doesn’t? How long does he wait?”
TUBERVILLE: “Yeah. Well, he’s playing god, is what he’s doing. And inflation is as low as it’s been in months. And by the way, he did lower rates right before the election—for Kamala Harris. But, yeah, FJP– ‘Fire Jerome Powell’. We put that out every day online, and we’ve gotten a lot of hits from that. He’s killing our farmers, our small businesses, and the middle class, because there’s no homes for sale. The problem is people liked that 3% interest rate they got years ago–back before everything went to hell in a handbasket. And now, it’s up to 7-8%. Nobody wants to sell. There’s no homes out there. So, he’s putting the middle class and small businesses and farmers in tough shape.”
McDOWELL: “Well, even the stock market, Senator, is telling him to cut rates, because the 2-year Treasury is well below–it’s at like 3.8%–well below the overnight lending rate that the Federal Reserve controls, which is at 4.25-4.5 [%]. I’ll tell you who’s gonna push him out. You don’t need to fire him and rattle the market. [Who is going to] push him out will be […] fellow Fed governors like Bowman, Waller, and Austan Goolsbee have all come out and said, ‘Yeah, we’re probably gonna need to cut rates in July.’ They’re pushing him and embarrassing him. And I venture a guess, they might want his job, and I can’t wait to see the infighting develop. That will just be the most delicious soap opera.”
BENSON: “Like Conclave.”
TUBERVILLE: “Yeah. Yeah. They’re pushing back right and left. We had Scott Bessent, the Secretary of Treasury, here for lunch today, and he spoke about the very same thing. They’re starting to infight a little bit. But at the end of the day, he’s playing politics. And he’s played politics. When I first got here 5 years ago, he came to my office and I asked him, you know, ‘Are you ever gonna raise rates?’ He waited forever to raise rates, you know, when Joe Biden went in, and then he kept raising. Now, he’s not not even thinking about lowering the rates. Miki Bowman, by the way–she’s Vice Chair of the [Federal Reserve]. I’ve known her for a long time. She’s very, very good. But she did not vote for those rate increases before the election. And, of course, she knew politics were involved. But we got to get politics out of all this mess. If he would drop 100 points down–which is basically one point today–that would save $300 or $400 billion dollars for the American taxpayers for a year. That’s a lot of money, and our debt is so high. We’ve got to find some way to pay it off.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.
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