Dem Sen. Brown on Preventing Fed from Repeating Inflation Mistakes: We Have ‘Most Diverse Fed’ with More People

On Thursday’s broadcast of Bloomberg’s “Balance of Power,” Senate Committee on Banking, Housing, and Urban Affairs Chairman Sen. Sherrod Brown (D-OH) responded to a question on what Congress can do to ensure the Federal Reserve doesn’t repeat the mistakes it made on inflation by stating that the Federal Reserve is “now the most diverse Fed that can look at a much broader and better understanding of the economy because of their diversity, the most diverse by any measurement in its 109-year history.” And now has all seven members in office.

Host David Westin asked, [relevant exchange begins around 16:35] “Everyone agrees, including Chair Jay Powell now admits that the Fed made a mistake with inflation, they underestimated it, they lasted too long in not raising rates. And that’s understandable. We all make mistakes. But you are in a position of sort of overseeing what goes on with the Federal Reserve. Is there anything Congress can or should do to make sure we don’t make that mistake again at the Fed?”

Brown responded, “First, I’d say of a couple of things: One is the Federal Reserve, for the first time in a decade, now has all seven members confirmed in office doing their jobs. They were undermanned, underwomanned for a period of time. It’s now the most diverse Fed that can look at a much broader and better understanding of the economy because of their diversity, the most diverse by any measurement in its 109-year history. So, I’d start with that.”

Brown also stated that everyone “listens far too much to corporate interests through all of these discussions.” And that the supply chain moving overseas is the biggest contributor to inflation.

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