Bloomberg Audio Studios, podcasts, radio news. Joining us now for more as Democratic Senator Elizabeth Warren of Massachusetts, ranking member on the Senate Banking Committee. Senator, it's always a pleasure to have you on Bloomberg TV and radio. This is obviously one of those days where we need to compare notes with you here, and I will note the fact that you delivered an important address earlier today at the
National Press Club. It wasn't about Jay Powell. It was about the future of the Democrat Party, and I know affordability and the economy were key components of your address. You posted on social media after you left the club that President Trump called you after you mentioned him in your speech. What did he have to say.
Well, the speech had been about how Democrats need to get out there and fight to lower costs for American families. I pointed out that Donald Trump had run for office and every day for a year he promised that on day one he would lower cost for American families. He gets elected, and so the reason he got elected was
because he promised on day one to lower costs. It has been a year now and the cost of groceries is up, The cost of healthcare is up, the cost of housing is up, the cost of utilities is up, all because of Donald Trump and Republican policies. And I said it's time both to hold Donald Trump accountable and for Democrats to get in there and put out our proposals to lower costs and to show that we're willing
to fight for them. And after that speech was over, Donald Trump gave me a call and we talked about things we could do to lower costs for American families. That is my job, That is the job of Democrats, that is the job of Congress and the president of the United States.
Well wait a minute here, so he called you in the spirit of cooperation, Senator, I guess I just assumed he was not a fan of your speech. Is this the same Donald Trump who wants to ban invests, institutional investors from buying single family homes, to stop defense contractors from issuing dividends and stock buybacks, wants to start lowering interest rates. A lot of these are pages out of your book, right, Are you guys going to collaborate on these issues?
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 House. Democrats are already we have voted for it, We're ready to go, but the Republicans in the House are holding it up. And Donald Crump 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 common 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 corporate CEOs, or 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, worse and worse for everyone else. I believe that Democrats must must win in November twenty twenty four. 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 share 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 had 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 vice all.
The way is incredible. Are you guys going to appear on stages going to Detroit tomorrow? This is cats and dogs living together, Senator, I'm not even sure what to ask you next.
Look understand, American families have been telling us now an election after election after election, yea, that their finances are getting more and more stressed, that they are more and more worried about their economic security. And 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
twenty one percent. 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, we're the ones who brought America social security in the forty hour work week and the minimum wage, and unemployment insurance and Medicare and Medicaid and the Affordable Care Act, and housing for first time home buyings 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 send it down because some billionaire might say, WHOA, that means I'll have to pay more taxes. That's too bad. Our job is to be in the fight to lower costs for American families. And I'm all in, 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 J. Powell affair. Just for starters, 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?
No? I do not. I think we're all clear. What's going on here. Is it as 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 deuce 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 looked from the first day basically that he got in office, he said he wanted to fire Jerome Palell. He's tried to fire Lisa Cook. He has openly 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 reaponization 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.
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 Poulty, the FHFA director, was with us this morning on Bloomberg. He refuted our own reporting that Pulty 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 use subpoena Bill Poulty to testify before the Banking Committee.
I would be very glad to subpoenable Bill Poulta to testify for the Senate Banking Committee. Obviously, we need the cooperation of the Republicans to get that done. But yes, by Gollie, you should come and testify under oath.
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