Congress of the United States ‘Bouse of Representatives Washington, BO 20515 October 25,2017 President Donald J. Trump 1600 Pennsylvania Avenue, N.W. ‘Washington, DC 20006 Doar President Tramp, ‘As general mistrust of goverment and public institutions continues to rise, we believe that new leadership atthe Federal Reserve will help restore its reputation as a forward-thinking monetary institution instead ofa slow growth regulator. Furthermore, we believe new leadership will adda fresh perspective at the Federal Reserve, ‘whieh is far removed from the financial crisis of eight years ago, and in turn will work to make economic opportunity more open and accessible for all. Eight years out of the recession is more than enough time to recover fully. However i response to the financial crisis, the Dodd-Frank Wall Steet Reform and Consumer Protection Act rewarded government bureaucrats, such as the ones atthe Federal Reserve, who were arguably, ‘most responsible forthe financial crisis with expansive new regulatory powers, This lends ‘eredence tothe adage that at east in Washington, nothing suceceds like failure. Congress" decision to grant virtually unlimited regulatory authority toa single federal agency has ‘had profouncl consequences forthe financial system and the broader U.S. economy. Since then, ‘the Federal Reserve has been engaged ina radical monetary policy experiment, amassing a $4.2 trillion portfolio of assets, intervening to prop up select credit markets, and keeping interest rates ‘These actions have blurred th line between fiscal and monetary policy almast beyond recognition, facilitating the Obama Administration’s trail of reckless spending, and doing so at the borrowed time of an unsustainable national debt on the backs of the American taxpayer. In addition, U.S. regulators have consistently implemented closed-door capital and liquidity requirements based on nterational standards without the consent of Congress. The Basel ‘Committee on Banking Supervision has continued to raise the capital requirements for American banks, which has reduced our nation’s working capital and global competitiveness. ‘America’s normally dynamie economy cannot thrive until monetary policy returns to its fundamental duty-that i, making sure the United States has an efficient medium of exchange to ‘the appropriate sectors ofthe economy. Appointing a new chair is consistent with your message ‘of transferring power from Washington D.C,, back tothe American people.We sraciously ask thatthe next Chair of the Federal Reserve promote a transparent pol strategy that will guard against monetary distortions and regulatory burdens that restrict capital and business growth. faven Davidson ‘Fedmudd ‘Member of Congress ‘Member of Congress ex Mooney “Member of Congress