Press Releases

Ways and Means Committee Ranking Member Richard E. Neal (D-MA) released the following statement after the Federal Open Market Committee (FOMC) announced its latest decision to cut interest rates by 50 basis points:

“The Biden-Harris Administration powered a historic economic recovery through bold fiscal policy centered on American workers and families. Even as strong marker after strong marker continues to show the resilience of our economy, our success was never guaranteed. We drove down unemployment and have maintained near-record lows while stamping out global inflation. Today, monetary policy is rightfully shifting to reflect that progress, and soon, the American people will feel relief from lower borrowing costs.

“There’s nothing political about protecting the momentum and potential of this labor market, and the former president ought to be reminded that he appointed Chair Powell, a lifelong Republican and an ardent defender of the Fed’s independence.”

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