Republican North Dakota Sen. Kevin Cramer said Tuesday that Americans are “cynical” toward elites who only make a “little bit” of money.
Cramer claimed that Federal Reserve Chairman Jerome Powell should “cash in” on his role at the agency, which prompted “Squawk Box” co-host Andrew Ross Sorkin to say the American people would not approve of such an idea. Cramer said he is concerned about the public’s cynicism toward those elites who just happen to make some money while in a powerful position.
“That said, what I worry about, Andrew [Ross Sorkin], is that as a nation, we are cynical toward anybody that does figure out a way to make a living or make a little bit of money, either prior to government service or after government service,” Cramer said. “What we’re creating today, in many cases, is a club in Congress where you have to be wealthy before you can run for Congress. And that’s unfortunate.”
WATCH:
Several powerful figures quadrupled their net worth during their time in Congress, including former House Speaker Nancy Pelosi, whose net worth surged by at least 2,292% throughout her 37 years in Congress.
The Senate Banking Committee is expected to advance Kevin Warsh’s nomination as the next Federal Reserve chair. Cramer, who is a member of the committee, previously called on Powell to resign to avoid the Department of Justice’s (DOJ) investigation of him, which was dropped on Friday.
In July 2025, Republican Florida Rep. Anna Paulina Luna referred Powell to the DOJ over perjury allegations connected to his testimony about the cost of renovating the Federal Reserve building. The U.S. Attorney’s Office for the District of Columbia opened the investigation in January after the cost of renovations surpassed earlier estimates of $2.5 billion.
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