Presses Fed Reserve Chair on Plans to Ease High Prices
U.S. Senator Steve Daines today at a Senate Banking hearing highlighted President Joe Biden’s failed economic policies that led to 40-year-high prices and pressed Federal Reserve Chair Jerome Powell on plans to cut interest rates.
Watch Daines’ opening remarks HERE.
“When President Biden took office inflation was at 1.4 percent. His failed policies drove us to the highest inflation we’ve seen in 40-years. I can tell you that the folks back home in Montana aren’t fooled because in every part of their lives inflation is not some type of hypothetical. They see the everyday impacts of the decades high inflation brought on by the policies of the Biden Administration facilitated by congressional Democrats. The costs of most goods and services across the economy are more expensive than they were in 2020, and that is a fact that no amount of political spin or mental gymnastics can make go away. Here are just a couple examples. Breakfast cereal, prices have increased 28 percent since January 2020. Gas prices increased 36 percent from a national average of $2.63 per gallon to $3.58 per gallon. Egg prices, egg prices have jumped to $3 per dozen in 2024, double the cost of $1.45 in February 2020.”
Daines then asked Chair Powell to commit that any decision to cut rates before the November election would be based on economic factors, not political pressure. Watch HERE.
Daines also pressed Chair Powell on the anti-small business Basel III Endgame proposal that would force banks to raise capital requirements. Watch HERE.