CHAIRMAN SMITH TO FEDERAL RESERVE: STOP STANDING IN THE WAY OF ECONOMIC GROWTH THAT BENEFITS WORKING FAMILIES

The following information was released by the Committee on Ways and Means:

Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Federal Open Market Committee announced it would not lower interest rates:

"President Trump's policies have rescued Americans from the massive $10 trillion spending spree that caused inflation to rise more than 21 percent over Joe Biden's time in office. Despite the progress that has been made, high interest rates are still blocking working families from owning a home, and they are a drag on economic growth, especially for our small businesses and farmers who pay higher costs to invest in their workers and operations. Combined with lower taxes from the Working Families Tax Cuts and reduced regulation, lower interest rates can help supercharge this economy for working Americans, families, farmers, and small businesses.

President Trump has put forward an outstanding nominee to lead the Federal Reserve in Kevin Warsh, and I hope the Senate acts quickly to confirm him to this role to help restore confidence that Washington is not standing in the way of achieving the American Dream."