Sherrod Brown

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Key Figures

Agricultural economists documented the divergent impact of Trump's tariff policies on American farmers, with soybean, corn, and pork producers facing retaliatory tariffs from China, Canada, and Mexico that cut export revenues. The analysis contrasted Trump's trade war impacts with Biden-era rural investment programs under the Inflation Reduction Act and Farm Bill. Farmers in Iowa, Kansas, and North Dakota reported the sharpest income losses from retaliatory measures targeting U.S. commodities.

Treasury Secretary Scott Bessent publicly called on the Federal Reserve to relinquish its bank supervision and regulation functions, arguing those powers should be consolidated under the Treasury Department. Bessent framed the proposal as streamlining oversight, but Fed officials and bipartisan banking experts warned it would give the executive branch direct control over the solvency oversight of the nation's largest banks. The proposal would require congressional action to implement.

Federal Reserve Chair Jerome Powell testified before Congress on June 25, 2025, warning that President Trump's tariff policies would cause inflation to remain elevated above the Fed's 2% target for an extended period. Powell said the Fed would not lower interest rates until inflation receded, regardless of presidential pressure. Trump had repeatedly called for rate cuts and had earlier threatened to fire Powell, whose term runs through 2026.

The expanded child tax credit created by the American Rescue Plan, which increased the credit from $2,000 to $3,600 per child under 6 and $3,000 per child 6-17, and made it fully refundable and payable monthly, reduces the U.S. child poverty rate from 15% to 12% within months of implementation, lifting approximately 3 million children out of poverty. It is the largest reduction in child poverty in U.S. history. Monthly payments of $250-$300 per child begin going directly to families in July 2021. The credit expires at year-end when Manchin kills Build Back Better, and child poverty returns to pre-pandemic levels by early 2022.

The expanded Child Tax Credit from the American Rescue Plan begins delivering monthly payments of $250-$300 per child to approximately 35 million families, the first time in US history that the child tax credit is paid monthly. The expansion increases the credit from $2,000 to $3,000 per child (ages 6-17) and $3,600 for children under 6, and makes it fully refundable for the first time, meaning the lowest-income families who previously received nothing now receive the full credit. By December 2021, child poverty falls to 12%, nearly half of the pre-pandemic rate of 18%. The expanded CTC expires at year's end when Manchin blocks its extension in Build Back Better.