By Seattle City Wire Report |
May 10, 2023
U.S. Representative Pramila Jayapal (D-Wash.), Chair of the Congressional Progressive Caucus, U.S. Senators Elizabeth Warren, Chair of the Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy, Sheldon Whitehouse (D-R.I.), Bernie Sanders (I-Vt.) and U.S. Representatives Brendan Boyle (D-Pa.), Ranking Member of the House Budget Committee, Jerrold Nadler (D-N.Y.), Jamaal Bowman (D-N.Y.), Jan Schakowsky (D-Ill.), Katie Porter (D-Calif.), and Greg Casar (D-Tex.) sent a letter to Federal Reserve (Fed) Jerome Powell ahead of the Federal Open Market Committee’s (FOMC) May 2-3 meeting, calling on the Fed to pause interest rate hikes and respect its dual mandate of maximum employment and price stability, particularly in the wake of recent turmoil in the banking system following the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank.