McHenry Statement on the Federal Reserve's Action on Interest Rates
Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the Financial Services Committee, released the following statement in response to the Federal Reserve's decision to raise its benchmark interest rate for the first time since 2006:
“Today’s decision by the Federal Reserve serves as an important reminder that the ‘how’ and ‘why’ are as important as ‘when’ the Fed decides to raise rates. Year after year, the Federal Reserve and the Obama Administration have over-promised and under delivered in terms of cutting the debt, strengthening the economy, and promoting jobs. Meanwhile, Dodd-Frank has created a new framework under which it is now harder for firms to mitigate risk and provide liquidity to the stressed capital markets. While I appreciate the Fed’s return to a more normalized rate, I fear that the Fed is far too worried about when to raise rates, rather than addressing the failed policies that got us here."