Eleven Democratic state financial officials are calling on the Republican-led Congress to pass laws to rein in President Donald Trump’s economic policies.
“We are operating in a volatile financial landscape — defined by market reactions to erratic federal policy, rising global skepticism about American stability, and the politicization of institutions that have long served as anchors of economic confidence,” the financial officials wrote in an April 30 letter to Speaker of the House Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D.
“This is not a temporary disruption,” the financial officials added. “It is a structural shift in how global markets and domestic stakeholders perceive the reliability of the U.S. economy. These aren’t hypothetical risks. These are live consequences. And the branch of government with the constitutional power to address them is not acting.”
The financial officials cited the stock market volatility since Trump on April 2 imposed baseline 10% tariffs on all countries and “reciprocal” tariffs on dozens of others before subsequently pausing the reciprocal tariffs. They also pointed to the weakening U.S. dollar and consumer confidence.
On a call with reporters, Erick Russell, the state treasurer of Connecticut, said Trump’s policies are hurting everyday people and their retirement accounts.
Uncertainty around trade and volatility in the equities and bond markets are bad for investors, according to Russell, who serves as principal fiduciary of the $59.3 billion Connecticut Retirement Plans & Trust Funds, Hartford.
“I think there is the potential for this to get a lot worse for us from an investment perspective, and we are trying to make sure that we do everything that we can in the short term to make sure we're able to withstand that volatility and uncertainty,” he said.
If Congress doesn’t act to “reclaim its constitutional authority over trade, fiscal policy, and monetary oversight,” markets will “take that silence as a signal” and “capital will continue to flee,” the financial officials wrote.
Congressional Republicans have broadly supported the president’s economic policies and are unlikely to pass laws to counter Trump’s agenda.
“@POTUS has laid out a bold, pro-growth agenda,” Thune said in an April 30 post on X. “Senate Republicans are strong partners in helping him achieve it for the American people.”
The Democratic state officials in addition to Russell who signed onto the letter in conjunction with advocacy group Americans for Responsible Growth were Deborah B. Goldberg, Massachusetts state treasurer and receiver-general; Colleen C. Davis, Delaware state treasurer; Mike Pieciak, Vermont state treasurer; James A. Diossa, Rhode Island general treasurer; Julie Blaha, Minnesota state auditor; David L. Young, Colorado state treasurer; Mike Pellicciotti, Washington state treasurer; Elizabeth Steiner, Oregon state treasurer; Michael W. Frerichs, Illinois state treasurer; and Laura M. Montoya, New Mexico state treasurer.
