Senator Elizabeth Warren (2:47)

Same, same Donald Trump. In fact, we specifically talked about putting a cap on interest rates on credit cards and about getting this road to housing bill that has passed the Senate unanimously to build up more housing supply and bring down costs. It's hung up by Republicans over in the Democrats are all ready. We have voted for it, we're ready to go. But the Republicans in the House are holding it up. And Donald Trump just hasn't delivered on either one of those. So my view is no more talk. Let's actually deliver for American families. That's our job. So Senator Warren, you sound like you had this conversation with him. There are some similar issues here. Would you be willing to work with the president, work together to handle affordability for the American people, or do you fight back with everything going on right now in the midterms right around the corner? Absolutely. My job is to be here to fight to lower costs for American families. And that is what all of my Democratic colleagues are here for. The speech I was giving today was about how we best do that. Do we decide that we're going to lay out our agenda and try to soften it up in order not to offend any billionaires or corporations, corporate CEOs, are we actually going to get in this fight full throated all the way and show with concrete proposals that we are willing to make a difference in people's lives? We are willing to fight to unrig an economic system that keeps working better and better for the billionaires, but worse and worse for everyone else. I believe that Democrats don't must, must, must win in November 2024. And the way we do that is we build real credibility on the issue of lowering costs for American families. Senator, I'm curious, in this conversation with President Trump, did the investigation into Fed Chair Powell come up? So look, I'm not going to talk about details in a conversation, but I just want to say it was all about costs, about how we reduce costs for American families. And I've had proposals on the table for a very long time. Donald Trump has talked about proposals that would reduce costs, but so far hadn't lifted a finger to deliver. So for me, it's put up time. You really want to make some change? Donald Trump could help make some change right now. And that's what I want to see us do. I'm in this fight all the way.

Bloomberg Host (5:30)

This is incredible. Are you guys going to appear on stage? He's going to Detroit tomorrow. This is Cats and dogs living together. Senator, I'm not even sure what to ask you next.

Senator Elizabeth Warren (5:39)

Look, understand American families have been telling us now in election after election after election that their finances are getting more and more stressed, that they are more and more worried about their economic security. And we right now, after Donald Trump has been president for a year, it has all gotten worse. I don't know if you all saw just announced a couple of weeks ago that since Donald Trump has been president, home mortgage foreclosures have gone up 21%, costs have gone up in category after category after category. And it's about tariffs, it's about corporate consolidation. There are a lot of things the Republicans have been doing, all to drive up costs for families. Families cannot take it anymore. My pitch today in this speech is that Democrats, this is our moment to rebuild trust with the American people. After all, the Democratic Party were the ones who brought America Social Security and the 40 hour workweek and the minimum wage and unemployment insurance and Medicare and Medicaid and the Affordable Care act and housing for first time home buyingers and housing for veterans. We got out there and fought for those things that help build a more financially secure middle class. It is our time now to get back in that fight full throated, not to sand it down because some billionaire might say, whoa, that means I'll have to pay more taxes and that's too bad. Our job is to be in the fight to lower costs for American families. And I'm all in.

Bloomberg Host (7:22)

Well, you got the cap on credit cards. We could just keep on going here, Senator. But I have to ask you about this whole Jay Powell affair, just for starters. This is the man you famously called a dangerous man. In a hearing in the Senate. We're now hearing about this investigation that could bring criminal charges. Do you support that probe?

Senator Elizabeth Warren (7:42)

No, I do not. I think we're all clear what's going on here is it is a pretext for Donald Trump to be able to take control of the Federal Reserve. I don't have to remind you all and the people who listen to this program about the importance of Fed independence so that whatever it is the Fed is deciding on monetary policy, we should have confidence that that decision is based on their best assessment of the data about inflation, the data about unemployment, the data about GDP growth and investment, and not about politics. But we know the temptation for every president as you start to come into a tough election. If they could control interest rates, it would be to roll those interest rates down to juice the economy so there'd be a lot of cheap money flowing through the economy shortly before the election. Now that may work for the election, but it's terrible for the economy long term and it undermines confidence in the Fed that they are making good economic decisions. So Donald Trump, look from the first day basically that he got into office, he said he wanted to fire Jerome Powell. He's tried to fire Lisa Cook. He has openly, Lee said that he will not appoint anyone to be Fed chair who is not willing to be a sock puppet. That is agree with Donald Trump no matter what Donald Trump says. All of those are about Donald Trump exercising control over the Fed, destroying Fed independence. And that's what this probe is. It's a pretext. It's a way to try to knock the legs out from Jerome Powell. I'm no Jerome Powell supporter, but I am a supporter of Fed independence. And the weaponization of the Department of Justice is fundamentally wrong. Congress has a role to play here. Congress does not have to approve a new Federal Reserve Chair. And Congress could investigate what the Justice Department is up to, using its power in a way like this.

Bloomberg Host (9:50)

Well, you might investigate what brought the President or I guess the DOJ to this point. The President, to be clear, says he wasn't part of this. But before you leave a senator, how about Bill Pulte? The FHFA director was with us this morning on Bloomberg. He refuted our own reporting that alleges Pulte is the main instigator in these charges against Powell and led the President in this direction. If you are going to follow up on this, will you subpoena Bill Poland to testify before the Banking Committee?

Senator Elizabeth Warren (10:18)

I would be very glad to subpoena Bill Pulte to testify before the Senate Banking Committee. Obviously we need the cooperation of the Republicans to get that done, but yes, by golly, he should come and testify under oath.

Bloomberg Host (10:33)

It's great to have you back Senator. Thank you for the time as always. Elizabeth Warren, the Democrat from Massachusetts on Bloomberg. We thank you.

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