WASHINGTON, DC – As President Donald Trump’s tariff taxes continue to increase prices on American consumers and businesses, U.S. Senator Jack Reed (D-RI), a leading member of the Senate Banking, Housing, and Urban Affairs Committee, joined U.S. Senator Elizabeth Warren (D-MA), Ranking Member of the committee, and every Democrat on the committee in urging Chairman Tim Scott (R-SC) to convene a hearing on President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose his tariff tax.

The Senate Banking Committee has critical responsibilities for overseeing the use of IEEPA, which gives the President broad authority to impose economic measures in response to declared national emergencies. But that authority is not intended as a blank check for the President to create national emergencies out of thin air so he can use IEEPA to circumvent Congress and enact economic policies that are unrelated to any actual threats or emergencies facing the U.S., as President Trump has done with his sweeping new trade policies that harm hard-working American families.

“The committee has jurisdiction over key aspects of IEEPA and tariffs policy, and we have a responsibility to the American people to exercise our oversight function to scrutinize how the President is using these tools,” the eleven Senate Banking Democrats wrote to Chairman Scott.

In the letter, the U.S. Senators raise concerns that Trump’s tariff policies lack a coherent strategy that could damage the economy and hurt American consumers by needlessly driving up prices.

The letter also warned that President Trump could unfairly grant tariff exemptions to friendly business leaders and preferred industries, noting: “The president’s tariffs also raise concerns about whether he will repeat mistakes from his first term in handing out exceptions to well-connected friends or companies at the expense of everyone else.”

According to joint research from Fordham University, Lehigh University, the State University of New York at Buffalo, and the University of Oklahoma published in The Journal of Financial and Quantitative Analysis: politically-connected companies that made contributions and investments to help Republicans before and during Trump’s first term were more likely to win tariff exemptions.

“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,” the Senators implored.

In addition to Reed and Warren, the letter was also signed by U.S. Senators Mark Warner (D-VA), Chris Van Hollen (D-MD), Catherine Cortez-Masto (D-NV), Tina Smith (D-MN), Raphael Warnock (D-GA), Reuben Gallego (D-AZ), Angela Alsobrooks (D-MD), Andy Kim (D-NJ), and Lisa Blunt Rochester (D-DE).

Full text of the letter follows:

Chairman Tim Scott

Committee on Banking, Housing, and Urban Affairs

United States Senate

Washington, D.C. 20510

Chairman Scott,

We write to request that the Committee on Banking, Housing, and Urban Affairs hold hearings on President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to implement his tariff agenda. The committee has jurisdiction over key aspects of IEEPA and tariffs policy, and we have a responsibility to the American people to exercise our oversight function to scrutinize how the President is using these tools.

Tariffs can be critical to grow American industry and promote good manufacturing jobs. But many of the President’s tariffs lack a coherent strategy, generating economic chaos and giving giant corporations an excuse to raise prices on Americans — which the President and his Administration have no plan to prevent. The President’s tariffs also raise concerns about whether he will repeat mistakes from his first term in handing out exceptions to well-connected friends or companies at the expense of everyone else.

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.

Sincerely,