FOR IMMEDIATE RELEASE
Monday, December 24, 2018
Delaney Statement on Trump Administration Comments on Markets, Federal Reserve
FRIENDSHIP HEIGHTS, MD – Presidential candidate Congressman John K. Delaney (MD-6), the only former CEO of a publicly-traded company in the House of Representatives, releases the following statement:
“Trump does not understand the job of the Federal Reserve, which is to promote maximum employment, stable prices and long-term moderate interest rates while also regulating the banking system and stabilizing the financial system. While the Federal Reserve obviously cares about the functioning of markets, its job is not to ensure that stocks always go up every week, which is what Trump seems to think their job is. His attacks on the Federal Reserve, which is an independent agency within the government, is both widely inappropriate and misguided.
“The stock markets went down last week because investors have lost confidence in Trump and his administration. Forcing a government shutdown, pulling our troops out of Syria without consultation with key advisors and allies, and forcing out General Mattis are signs of an erratic, unstable and unfit President and this behavior rattled markets. The market went down today because Treasury Secretary Mnuchin made a dumb statement yesterday about liquidity in major banks (of which there is no problem) but his statement implied otherwise. It is important for the most senior leaders in government to understand the implications of their words and how they might be interpreted. I suggest Mr. Mnuchin study the way Treasury Secretary Paulson and Geithner dealt with a true crisis.
“The American people should know that our banking industry is liquid, well capitalized, and strong. It has recovered far better than any of our global competitors and is well positioned to provide credit to the U.S. economy. They should also know that the U.S. private economy is well positioned to continue to grow and innovate for decades to come. All of the problems we have as a nation – high deficits, growing threats from China, climate change, growing income and opportunity inequality, potential job displacement from technology, and others – are manageable and solvable with honest and skilled leaders who are committed to leading by unifying our country. And while President Trump is not that leader, others will step forward and lead America to a brighter future. Never bet against the United States of America.”