Smith on Interest Rate Announcement: Lower Rates Support Affordability, More Investment, Bigger Paychecks

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Federal Open Market Committee announced its decision to lower the benchmark rate by 25 basis points:

"President Trump is right to continue calling for the Federal Reserve to lower interest rates. The American people need relief from Joe Biden's failed presidency that forced high prices and high interest rates on working families and small businesses. That's why Republicans designed the Working Families Tax Cuts to take effect immediately, promoting made-in-America manufacturing jobs, strengthening the workforce, and ultimately putting more money in the pockets of working Americans with historically higher tax refunds starting in January.

"President Trump's policies are making life more affordable by boosting paychecks and bringing record investment to America. The Federal Reserve should recognize this success, acknowledge that Biden's yearly 9 percent inflation is a thing of the past, and keep lowering rates."