Under the Trump administration, Elon Musk's Department of Government Efficiency (DOGE) is currently working to shut down the Consumer Financial Protection Bureau (CFPB), among other cost-cutting initiatives in federal spending.
Senator Elizabeth Warren (D-Ma.) sits down with Yahoo Finance senior reporter Jennifer Schonberger on the "economic chaos" she finds ensuing through President Trump’s economic policies and agenda.
"The administration is not doing the job it promised to do, and that is [to] lower cost for American families. Instead, it's out there creating more chaos and in fact, raising costs for people across this country and causing a lot of disruption in our economy," Senator Warren says. "Trying to shut down an agency, trying to fire tens of thousands of federal employees, breaching federal contracts — again, in violation of law."
Federal Reserve Chair Jerome Powell continued his testimony before US lawmakers on Capitol Hill on Wednesday, stating on Tuesday to the Senate Banking Committee that the central bank isn't "in a hurry" to adjust interest rate policies.
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"I have urged the Fed to bring down interest rates for a long time now, because I want to see families be able to afford mortgages and pay off their credit cards and buy a car without car loans being sky high. I understand the concern that Chair Powell has right now, when we live in an on again, off again, on again tariff environment..." Sen. Warren states.
"There's a lot of economic turmoil right now created by Elon Musk and Donald Trump, and I understand how that gives the Fed pause," Warren tells Schonberger. "I still want to see those interest rates come down. I think it's the right thing to do. But we also need to stop this economic chaos. This is not helping American families."
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This post was written by Luke Carberry Mogan.