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McHenry: H.R. 2543 Will Do Nothing to Bring Down Consumer Prices or Help Struggling Families

Washington, June 15, 2022 - Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), spoke on the House floor in opposition to H.R. 2543, the Diverting Attention from Democrats’ Dismal Economy Act. Instead of addressing forty-year high inflation, surging gas prices, and broken supply chains, Democrats are wasting valuable floor time on another partisan messaging bill that will not become law.

Watch Republican Leader McHenry’s remarks here or by clicking the image above.

Read Key Excerpts from Republican Leader McHenry’s remarks as prepared for delivery below:

“Just last month, President Biden stated that inflation is his ‘top domestic priority.’

“He then announced a month-long focus on the economy this June.

“And to kick it off, Secretary Yellen finally admitted she was wrong when she called inflation ‘transitory’ last year.

“So, to the Biden Administration and Congressional Democrats I’d like to say, welcome to the party! You’re about a year late, but we’re glad you made it. Republicans welcome this conversation.

“Inflation has surged to a 40-year high. Everyday goods and services are unaffordable, especially for low- to middle-income Americans.

“Skyrocketing consumer prices are outpacing wage gains.

“Democrats want to blame everything from Putin to so-called ‘corporate profiteering’ for the inflation crisis.

“But let me save them some time: the call is coming from inside the house!

“This is all a result of Democrats’ bad economic policies. This is a crisis of their own making.

“The American people know it.

“So, what’s Democrats’ strategy? Distract struggling families with H.R. 2543—a bill that might sound good but does nothing to bring down consumer prices or help struggling families.

“Let me be clear, Republicans support improving diversity in financial services, but H.R. 2543 misses the mark.

“First, this bill blatantly politicizes the Fed.

“In fact, it tasks the Fed with a third mandate to close socio-economic disparities instead of focusing on its dual mandate of maximum sustainable employment and price stability.

“So much for Biden’s call to ‘respect the Fed’s independence.’

“H.R. 2543 will also make credit more expensive and less accessible to those who need it most.

“The bill will also pile regulatory costs on small businesses, forcing them to divert resources from business operations to report on diversity and inclusion.

“H.R. 2543 will also create a boon for litigious trial lawyers by expanding who can sue under the Equal Credit Opportunity Act.

“This creates uncertainty in the credit markets, ultimately increasing the cost of credit and making it more difficult to access by those the bill claims to help.

“Finally, while Americans are reeling from higher prices, this bill will make it more expensive for families to purchase a home.

“Bottom line, this is just another attempt by House Democrats to divert voters’ attention from their dismal economic record before the midterms.

“If House Democrats are serious about addressing inflation—as the Biden Administration claims—they would abandon partisan messaging bills like H.R. 2543.”


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