The top Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement after the Federal Reserve announced its decision to lower interest rates:
“I appreciate the Fed’s action to safeguard the gains we’ve made in the face of challenges, and urge my fellow Democrats to reconsider their plans to raise taxes. America’s economy is more resilient thanks to the pro-growth economic reforms put in place by President Trump and congressional Republicans, ensuring that our growth outpaced the rest of the G7 countries during a global downturn.”
This is in response to the Federal Reserve’s actions, which released the following statement this week:
“The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy.
“Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.”