On Thursday’s broadcast of CNBC’s “Squawk Box,” Sen. Chris Coons (D-DE) stated that if Federal Reserve Governor Lisa Cook broke the law, she should be held accountable, but it also “is and should be a concern for all Americans if access to our data by the IRS or by [the] Federal Housing Finance Agency [is] being used explicitly to target people for political ends.” And “There should be accountability for illegal acts, but it does matter how that information is gotten. Both can be true.”
Co-host Joe Kernen asked, “I know that during the confirmation of Lisa Cook, you were quite effusive in your praise. You’ve known her for three decades. Just care to comment on this latest controversy?”
Coons responded, “Look, what makes me concerned about this ongoing effort to pressure the Federal Reserve is that President Trump has recently demonstrated that, when he doesn’t like the numbers, he will fire folks. His firing of the leader of the Bureau of Labor Statistics over softening economic numbers reminds me of someone who says, I don’t like my weight, so I’m going to break the scale. And I’m concerned that what may be happening here is that Bill Pulte from FHFA is trying to work for President Trump in pushing out members of the Fed. Preserving Fed independence is important for our economic stability and security. Globally, we are the leading capital markets, and in countries where the monetary policy is controlled directly by the executive, by the elected official who runs the country, it’s a negative. So, I have confidence in Lisa Cook. I’ve known her for decades, and I’m concerned about the trajectory here of trying to put a thumb on the scales.”
Co-host Andrew Ross Sorkin then asked, “Senator, my question to you, though, is if, in fact, she did something illegal, A. should she continue to be in this role? And B. does it matter how this allegation came about, meaning the question, of course, did it come from a tip or a whistleblower from outside the agency? Did somebody inside the agency decide to start to look at her? Are they weaponizing, effectively, these agencies? Does that change the dynamic for her if, in fact, she did something wrong?”
Coons responded, “Of course it is and should be a concern for all Americans if access to our data by the IRS or by [the] Federal Housing Finance Agency [is] being used explicitly to target people for political ends. One of the alarms I raised about DOGE and Elon Musk having access to huge amounts of personally-identifying information of Americans, is that it might be misused for political purposes. And, in previous cases, where there were allegations, that, whether it was the IRS or something else was being used selectively –.”
Co-host Becky Quick then cut in to ask, “Senator, we have to go, but can you answer Andrew’s question, does it matter if it was gotten by these means? Can you hate the process? But still, does it matter if something illegal was done?”
Coons answered, “There should be accountability for illegal acts, but it does matter how that information is gotten. Both can be true.”
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