Press Releases

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a hearing to examine how the policies of the Biden Administration contributed to the rising cost-of-living pressures for American families. Members will examine the improvements under President Trump and the legislative solutions Committee Republicans have advanced to restore affordability, expand opportunity, and make the American Dream attainable for all Americans.

Read Chairman Hill's remarks as prepared for delivery.

"Good morning. The American Dream has long been a symbol of opportunity, promising economic freedom, home ownership, and a better future through hard work.

"However, for many American families today, rising costs and housing shortages are making those milestones increasingly difficult to achieve, and the title of today’s hearing, “Priced Out of the American Dream,” reflects that reality.

"Affordability has become a serious challenge after years of harmful Biden-era policies marked by reckless spending and inflation reaching 40-year highs — leaving households to absorb the consequences through higher prices and increased borrowing costs.

"In 2024, we hit an all-time high for the cost of building a single-family home, and it’s only expected to grow. Short rates set to fight persistent inflation are driving up mortgage payments and borrowing has become more expensive. These pressures are squeezing household budgets and limiting opportunity.

"As the 2025 FSOC Annual Report makes clear, economic growth is essential to financial stability. In a growing economy, rising incomes make debt more manageable, standards of living improve, and the financial system remains stable and resilient.

"Since the start of President Trump’s second term, we have seen renewed economic momentum driven by pro-growth policies and a clear regulatory framework.

"Under the President’s leadership, the economy is back on track, reversing the damage left by the previous Administration and restoring confidence in our financial system.

"This stands in sharp contrast to the warnings predicted by many across the aisle.

"In 2024, Moody’s Analytics predicted that a Republican-controlled government would lead to 3.5% inflation, 5% unemployment, a recession, and a budget deficit equal to 6% of GDP.

"Those warnings were echoed repeatedly by Democrats, who claimed Republicans would derail the economy.

"The data has conclusively disproven those claims. Inflation came in nearly a full percentage point below forecasts. Unemployment never exceeded 4.5%.

"No recession materialized. GDP growth is on track for three consecutive quarters above 3%, and the budget deficit is projected to fall to 5.4% of GDP.

"While the broader economy has improved, affordability challenges remain for many households. That is why Republicans on this Committee continue to introduce legislation that addresses this problem head-on.

"We have direct solutions to improve the cost of living for all Americans.

"Throughout the 119th Congress, we have unveiled legislative policies that work to reinvigorate our banking system, expand access to credit, and remove unnecessary regulatory burdens.

"I recently introduced the Main Street Capital Access Act with Subcommittee on Financial Institutions Chairman Andy Barr to revitalize local bank formation and right-size regulations so banks can do what they do best — serve their local communities.

"Late last year, Subcommittee on Housing and Insurance Chairman Mike Flood and I introduced, and the Committee advanced, the Housing for the 21st Century Act to reduce regulatory barriers that have made building homes and apartments increasingly difficult.

"In December, the House overwhelmingly passed Subcommittee on Capital Markets Chairwoman Ann Wagner’s INVEST Act with strong bipartisan support.

"This legislation will strengthen our capital markets, promote capital formation, and ensure that America’s markets remain the global leader.

"President Trump has been clear about the importance of addressing the cost of living for American families and these bills reflect our shared commitment.

"Through our work on housing, community banking, and capital formation, we are dedicated to restoring affordability, expanding opportunity, and making the American Dream attainable for all Americans."