SIOUX CITY, Iowa – Jim Carlin, a former Iowa State Senator and conservative Republican candidate running for U.S. Senate, praised President Donald Trump’s decisive action to remove Federal Reserve Governor Lisa Cook amid allegations of mortgage fraud—but warned the move exposes a much deeper problem that demands real reform.
“I applaud President Trump’s bold leadership in holding Lisa Cook accountable. Integrity matters, especially at the Federal Reserve,” Carlin said. “While Washington insiders like Joni Ernst protect the status quo, I’m fighting to put everyday Iowans first. We don’t need people who lie on applications or dodge accountability running our financial system. This case is one more reminder of why the Fed must be overhauled—or perhaps abolished altogether.”
Carlin argued that the Federal Reserve has “inflated our currency, fueled artificial booms and busts, and handed the government too much power over the money supply—all at the expense of hardworking Americans. Instead of sound money, we’ve been left with runaway inflation, economic instability and a hidden tax on savings.”
Since the Fed’s creation in 1913, the dollar’s purchasing power has collapsed by more than 96 percent, with prices rising over 3,000 percent. That erosion, Carlin said, has transferred trillions in wealth from working families to the financial elite. The top 1 percent now holds more than 30 percent of U.S. wealth—levels not seen since the 1920s, just before the Fed’s policies helped trigger the Great Depression.
Later mismanagement fueled the 2008 financial crisis, wiping out $11 trillion in household wealth and devastating the middle class.
“While I would prefer to see the Federal Reserve abolished, at the very least it must be reined in and tasked with a single mission: protecting the stability of the dollar,” Carlin continued. “The Fed should not be manipulating markets, enriching the elite, or crushing the poor and middle class. President Trump’s action is a step toward draining the swamp in our financial system. As Iowa’s next U.S. Senator, I will fight alongside him to end this unchecked power and bring true accountability back to Washington.”
For more information, visit carlinforussenate.com.
About Jim Carlin:
Jim Carlin is Christian, husband, father and grandfather. He is a Constitutional conservative, U.S. Army veteran and former Iowa state senator running for U.S. Senate to challenge incumbent Sen. Joni Ernst. Carlin is a Sioux City attorney, who served in the Iowa assembly from 2017-2023, fighting for America First policies like secure borders, fiscal responsibility and Second Amendment rights. Carlin voted for Iowa’s Constitutional carry law and opposes endless wars and wasteful spending. Committed to faith, family, freedom and limited government, Carlin pledges to put Iowa values first in Washington.
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