U.S. Senator Elizabeth Warren, U.S. Representative Katie Porter, Colleagues Ask Fed Chair Powell: How Many Millions Will Be Thrown Out of Their Jobs from Fed’s Dangerous Rate Hikes?

Lawmakers Seek Answers about Consequences of Fed's Latest Economic Projections and Decision to Keep Raising Interest Rates

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November 2, 2022 - Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.) and Bernie Sanders (I-Vt.) and U.S. Representatives Madeleine Dean (D-Pa), Jesus "Chuy" Garcia (D-Ill.), Sylvia Garcia (D-Texas), Katie Porter (D-Calif.), Stephen Lynch (D-Mass.), Rashida Tlaib (D-Mich.), and Jamaal Bowman (D-N.Y.) sent a letter to Federal Reserve Chair Jerome Powell expressing concern and seeking answers about the Federal Reserve's (Fed's) most recent economic projections, its intentions to continue to raise interest rates at a rapid pace, and its disturbing warning to American families that they should expect "pain" in the coming months.