U.S. Senator Elizabeth Warren and fellow Democrats from the Senate Banking, Housing, and Urban Affairs (BHUA) Committee have called on Chairman Tim Scott to hold a hearing regarding President Donald Trump's utilization of the International Emergency Economic Powers Act (IEEPA). This call to action seeks to address the tariffs imposed by the President, which the committee views as a potential threat to the U.S. economy. The Democrats emphasized their responsibility to oversee the application of IEEPA, which provides the President with the authority to implement economic measures during extraordinary threats or national emergencies.
The Senate BHUA Committee has highlighted its oversight role, "The committee has jurisdiction over key aspects of IEEPA and tariffs as a tool, and we have a responsibility to the American people to exercise our oversight function to scrutinize how the President is using them,” stated Senate Banking Democrats.
Senator Warren urged her Republican colleagues to collaborate with Democrats to negate the President's tariffs, stating, “Congress is not without power. Republicans in Congress can join Democrats to pass a resolution immediately to turn off President Trump’s tariffs.”
The letter from the Democrats, which includes signatories among them Warner, Van Hollen, Cortez-Masto, Reed, Smith, Warnock, Gallego, Alsobrooks, Kim, and Blunt Rochester, expressed particular concern over the absence of a clear strategy in the tariff policies. The Senators fear these tariffs could cause harm to the economy, replicate previous corporate favoritism, and negatively impact American consumers through increased prices.
In conclusion, the Democrats have urged Chairman Scott to organize a hearing, stating, “We urge you to hold a hearing so the American people can understand the President’s plan and how it will affect their economic futures.”