Brown: Long Overdue Interest Rate Cut Lowers Costs for Ohioans
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing and Urban Affairs issued the following statement today after the Federal Reserve announced it would start lowering interest rates:
“Today’s long overdue action will help bring down housing costs, including high interest rates that are making it unaffordable for families to buy a home. Prices are still far too high – now it’s time for action to address the root cause of inflation: corporations raising prices to pad their own profits.”
For over a year, Brown has called on the Chair Jerome Powell and the Federal Reserve to start taking steps to lower interest rates and ease the burden of high prices on consumers. At the most recent Semiannual Monetary Report to Congress in July, Brown told Powell that keeping rates too high for too long threatens workers’ paychecks. In January, Brown also wrote to Powell advocating for the Federal Reserve to start cutting interests and asked that the Fed focus on the underlying cause of higher prices--corporate price-gouging.
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