Washington, D.C. — The Consumer Federation of America (CFA) announced it has sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Development and to senators serving on the Senate’s crypto working group urging them to withhold support for any financial deregulatory legislation or nominations following the President’s unprecedented order directing a baseless criminal investigation of the Chair of the Board of Governors of the Federal Reserve System.

CFA warned that this action represents a direct attempt to undermine the independence of the nation’s central bank and threatens the integrity of objective, evidence-based monetary policy. Until the President rescinds this effort, CFA is calling on Senate leaders to pause consideration of any measures that would weaken financial oversight or expand risk in the financial system.

The letter cautions that failing to act now would expose the life savings of tens of millions of working Americans to unnecessary and potentially catastrophic risk, and that safeguarding the independence of the Federal Reserve is essential to financial stability, market confidence, and the long-term security of households across the country.