Chairman Smith: Fed Failure to Lower Rates Means Higher Borrowing Costs Will Continue to Squeeze Families, Farmers, & Small Businesses

WASHINGTON, D.C. - Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Federal Open Market Committee announced interest rates will remain unchanged:

"The Working Families Tax Cuts are putting real money back in the pockets of hardworking Americans. Servers and bartenders are keeping more of what they earn through No Tax on Tips. Nurses, truck drivers, and factory workers are taking home more through No Tax on Overtime. Moms and dads are getting a bigger Child Tax Credit, and family farmers are better protected from the death tax so they can pass the farm down to the next generation. Inflation is less than half of what Americans saw under Joe Biden, but families are still paying the price for the Democrats' $10 trillion spending spree that drove up inflation and sparked the Fed's interest rate hikes.

"It's well past time for interest rates to come down. Families still feel the weight of high borrowing costs every time they make a mortgage payment, finance a car, or use their credit card. Farmers and small business owners face the same squeeze when they borrow to invest and hire. Lower interest rates would let working families keep even more of the relief Republicans delivered. I hope the Fed will bring borrowing costs down soon so we can keep building a stronger, brighter future for American families."