Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, yesterday, Donald Trump told a reporter: ``I don't think about Americans' financial…
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, yesterday, Donald Trump told a reporter: ``I don't think about Americans' financial situations.'' I don't think of anyone.
I repeat: Donald Trump actually said this. He said:
``I don't think about Americans' financial situations.''
Can you believe it? You wouldn't believe it coming from any other President. But, sadly, from this President, it smacks of reality. He says almost anything, and he doesn't care.
Clearly, Donald Trump doesn't care about Americans' financial situations, considering that, just this morning, we saw wholesale inflation skyrocket to 6 percent, the highest it has been since December of 2022--wholesale inflation, 6 percent. As those costs trickle down to Americans, Americans are going to be paying more and more and more, and they hate it.
Now, what is Donald Trump thinking about instead? Himself, especially his new ballroom, at a time when 77 percent--that is 77 percent--of Americans say that Donald Trump's policies have increased their cost of living.
Trump and the Senate GOP try to force through a bill that would spend $1 billion taxpayer dollars on a gilded ballroom and not one penny on bringing down American costs. Trump may be trying to build a ballroom, but, clearly, he is living in the theater of the absurd.
Really? Do Americans want a ballroom when wholesale inflation just hit 6 percent--the highest level in 4 years? Do Americans want a ballroom when food prices just went up more in April than in any month in nearly 40 years? Do Americans want a ballroom when the cost of a gallon of gas has increased a dollar and a half since March?
Of course not.
I would say Trump has completely lost touch with the American people, but that would assume that Trump was ever in touch with the American people to begin with. And on this issue, he sure as heck isn't.
Iran
Mr. President, on Iran, Trump was talking about his disastrous Iran war when he said:
I don't think about Americans' financial situations.
Trump launched this war without a plan, without a clear objective, and without any thought to how it might affect the American people.
When Hegseth and other Pentagon officials came to testify, at the end of April, they said this war cost American taxpayers $25 billion. Well, yesterday, they revised that figure to $29 billion. Trump has forced American taxpayers to sink at least $29 billion into a war that still has no end game.
And $29 billion is just the sticker price and doesn't include the hundreds of additional dollars American families will have to pay this year just to fill up their tanks. Americans are paying over $4\1/2\ a gallon at the pump--more than a dollar and a half above what it was when Trump started this war.
If Senate Republicans care about Americans' financial situations, which they should, they need to vote for our War Powers Resolution today to limit Trump's ability to continue this war without authorization. Senator Merkley will be introducing that War Powers Resolution, which I am proud to cosponsor, in a little while.
Today's vote will be the Republicans' seventh--seventh--opportunity to support our resolution to withdraw our troops from hostilities with Iran and stop the economic fallout from this historic blunder.
Americans' financial situation is dire, and Republicans don't think about anyone other than Donald Trump.
China
Mr. President, on China, Donald Trump may have no interest in helping the American people get ahead, but he certainly seems willing to give China a leg up. We all ought to fear what Donald Trump may concede to China just so he can claim a headline. Trump has fantasized about $1 trillion in Chinese investments in America that would give the Chinese a stranglehold on our economy, threaten our supply chains, our economic independence, and our national security.
This is Trump empowering Xi's ``Made in China'' ambitions--selling out American manufacturers and workers, giving CCP businesses an edge in undermining America building the industries of the future here at home.
He is opening the door. He is saying: China, you come here. Use all American innovation and technology and everything else; and then send it back to China, and let China take the lead over America on industry over industry.
What a disgrace. The American people--American businesses--aren't going to fall for this bunk.
And then there are many other things we all worry about that Trump would or could do to weaken American workers, families, and businesses when he gets outnegotiated by Xi. And that has happened time and time again.
Here are some of the things that Donald Trump could do that we all worry about--American workers, American families, American people, American companies worry about.
Donald Trump could sell out American autoworkers by allowing Chinese EVs to flood our markets and crowd out domestic manufacturing.
Donald Trump could sell out America on chips and AI, allowing the sale of our AI chips and semiconductor equipment to China so they can catch up in the technology race that will define the global economy for the next decade. This is a clear and present threat, not just to American jobs but to our national security.
Donald Trump could sell out on fentanyl, failing to use American leverage to extract real and meaningful concessions from the Chinese Communist Party to prevent the deadly flow of fentanyl poisoning our communities. This is an issue I brought up directly with Xi years ago. We were making some progress. Will Donald Trump sell it out? We all worry about it.
Donald Trump could sell out Taiwan, whose people want to continue living in freedom, instead of under the jackboot of the Chinese Communist Party. Any threat Trump allows Xi Jinping to
make against the Taiwanese is a threat to the global democracy. It is also a threat to the global economy, given how many semiconductor chips are made in Taiwan.
So in all of these things, forget the ``Art of the Deal.'' Trump is practicing the ``art of the duped.''
Forget the ``art of the deal.'' Donald Trump is practicing the ``art of the duped.''
Nomination of Kevin Warsh
Mr. President, on Mr. Warsh, Donald Trump has made it clear he will stop at nothing--nothing--to undermine the independence of the Federal Reserve at the expense of the American economy and the American people. As the Senate prepares to vote on Kevin Warsh's confirmation as Fed chair, Donald Trump has shown no sign he intends to stop his crusade against an independent Fed.
Trump undermined the central bank with his attempt to oust Lisa Cook and his sham investigation against Chairman Powell. Those attacks on the Fed ought to concern everyone who is worried about the cost of living and interest rates going up.
The more Donald Trump interferes with an independent Fed, the more chaos he injects into the markets. And the more chaos he injects into the markets, the more the interest rates go up.
Markets like certainty. Donald Trump doesn't offer that.
With this administration's disastrous war and failed economic agenda driving up costs, Donald Trump will only seek to exert more pressure on the Fed to manipulate interest rates to his own political advantage. Appointing a new Fed Chair amid this chaos and coercion could further undermine the independence of the Fed.
I urge Senate Republicans to join Democrats in protecting the Fed and restoring some stability to our economy.
Congressional Review Act
Mr. President, on CRAs, later today, the Senate will have a series of votes on the Trump administration's undermining of key protections for the American consumer against predatory corporate practices that raise costs and limit opportunity.
The CFPB, the Consumer Financial Protection Bureau, has played a critical role on the side of people to help them avoid junk fees, predatory medical debt, and payday lenders who take advantage of people in need, including military servicemembers.
The Trump administration has chosen to prioritize undermining these critical protections, and, today, Senate Democrats stand up and say ``enough.''
As someone who helped authorize the CFPB, years ago, I feel strongly that we cannot let Trump undermine and constrain this vital Agency. So I thank Senator Warren and so many of my Democratic colleagues for leading these joint resolutions of disapproval to fight on behalf of the American people, of the American consumer.
The joint resolution of disapproval that I am leading is against the Trump administration's decision to reverse CFPB protections on mortgage lending called ``contract for deed'' transactions, that without the proper guardrails can be predatory to people trying to live the American dream in purchasing a home.
For millions of Americans who can't access a traditional mortgage, a contract for deed can seem like a lifeline, but all too often these arrangements are traps. The buyer takes on every obligation of home ownership immediately--taxes, repairs, risk--but doesn't receive the deed until they have paid every last dollar. You miss a single payment, and you can lose everything--no equity, no recourse, evicted like a tenant.
Over 200,000 New Yorkers are in these arrangements right now.
The CFPB has heard reports of many unfair, deceptive, and abusive practices in ``contract for deed'' transactions and took action in 2024 to crack down on these practices by applying the same lending protections to these loans as other consumer and mortgage loans.
What does Trump want to do? Of course, he wants to give a green light to the bad actors, that they are free to exploit American potential homeowners in this way by eliminating the protections of CFPB.
Apparently, Trump wasn't paying attention during the 2008 financial crisis. Giving these predatory lenders free rein only hurts the American people and the American economy.
I call on all of my colleagues--Democrats and Republicans alike--to join me in protecting Americans who just want a fair shot at the American dream.
I yield the floor.