McHenry: Americans Shouldn’t Have to Mortgage Their Future Because of Democrats’ Reckless Spending
Washington,
March 2, 2022 -
Today, the House Financial Services Committee is holding its semi-annual hearing with Federal Reserve (Fed) Chair Pro Tempore Jerome Powell. After President Biden misled the American people about the state of our economy last night, Republicans will set the record straight. Democrats’ reckless agenda has led to skyrocketing consumer prices, broken supply chains, and disruptions in our labor markets.
Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.
Read Republican Leader McHenry’s opening remarks as prepared for delivery:
“Well look, Chairman Powell, we appreciate you being here and I’d say to the Chair of the Committee that this is the House—the Senate does nominations. If we wish to have an opinion and direct the Senate, then we should run for the Senate.
“We have the Fed Chair here at a time of unprecedented economic conditions and a war that’s happening. I think we should stay focused on that.
“Chair Powell, thank you for your leadership. Thank you for your steady hand and your approach over this quite tumultuous first term of yours. And congratulations on your nomination and expected confirmation for a second term.
“Before I get started, I want to express our deep admiration for the Ukrainian people’s resolve against Russia’s aggression.
“We must work together to exert strong pressure against the Putin regime.
“As we all know, Financial Services Republicans opposed the Biden Administration’s approval of $17 billion in International Monetary Fund Special Drawing Rights for Russia’s reserves last year. I hope my Democratic colleagues will withdraw their support for $60 billion in additional reserves for Moscow in this year’s omnibus.
“Again, thank you Chair Powell for your leadership.
“America is facing the worst inflation we’ve seen in four decades because of Democrats’ reckless spending.
“Instead of a course correction, House Democrats keep hoping to convince the Senate to take up nearly $2 trillion dollars in new spending through Build Back Better—or whatever they’re going to call it.
“This would only make rising prices worse for families across the country.
“The Wharton Budget Model estimates the average American family spent 3,500 dollars more last year to keep up with rising prices.
“Nowhere is this more evident than at the supermarket, where folks are seeing a 22 percent increase in grocery bills, according to a recent KPMG study.
“For a family of four, this could mean choosing between the groceries they need now and saving for their child’s education, their retirement, or even a home.
“The American people should not have to mortgage their future because all Democrats seem to care about is more government spending to give voters the illusion of prosperity.
“And despite what we heard from President Biden last night, simply telling people they’re better off does not make it true.
“However, I am pleased that the President sided with Republicans instead of Elizabeth Warren when he renominated you to chair our central bank.
“But as you know, Chair Powell, you have an enormous task ahead of you.
“As one of your predecessors famously said, the Fed’s job is to take away the punchbowl just as the party starts to warm up. But the Democrats have drunk deep, and they want to move on to the harder stuff.
“We cannot let that happen.
“I was pleased to see the Fed reject the notion of personal accounts controlled by the central bank.
“As Canada recently showed in its unprecedented use of emergency powers to freeze hundreds of bank accounts, we need to ask not just how financial authorities can be used, but also abused.
“It’s disturbing that some Democrats refuse to see this danger and may actually view it as an opportunity to rationalize more government involvement in Americans’ day-to-day lives.
“That’s why I sent a letter to regulators asking for clarity on what this disturbing move could mean for future government overreach here at home—and how we prevent that. I look forward to hearing more about this at our upcoming statutorily required hearing with FinCEN this month.
“Again, thank you, Chair Powell, for being here today.
“I yield back.”
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