Brown Statement on FOMC Meeting
WASHINGTON, D.C. – Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Federal Open Market Committee (FOMC) raised interest rates for the first time since 2018:
“At this pivotal moment, as we grapple with unprecedented supply chain disruptions and economic uncertainty surrounding Russia’s invasion of Ukraine, the Fed must use every tool at its disposal to tackle inflation, protect our economy from financial risks, and ensure our economic recovery benefits everyone, not just those at the top,” said Brown. “Recently, workers have made significant gains – and last year, for the first time in two decades, our economy grew faster than China’s. But we don’t have to choose between high wages and low prices. Congress must also do its part to address higher prices by investing in American supply chains, infrastructure, child care, health care, education, and housing – which will bring down working families’ biggest costs.”
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