Republican Leader on the House Committee on Ways and Means Rep. Kevin Brady (R-TX) issued the following statement following President Biden’s nomination of Federal Reserve Chairman Jerome Powell to a second term:

“Chairman Powell’s renomination is an opportunity for the Federal Reserve to re-examine its approach to dealing with inflation, the labor shortage, and its enabling of irresponsible fiscal policies by the Biden Administration and Democratic Congress.

“It is imperative that we restore the pre-pandemic economy where pro-growth economic policy led to historic levels of low unemployment and wage gains. I look forward to working with Mr. Powell in his new term.”

KEY TAKEAWAYS:

The Fed is in denial about inflation and the impact of Democrats’ tax hikes on employers as we fight out way out of a pandemic.

• Reminder: President Biden is over 700,000 jobs short of his promises from the last stimulus and has ignored the damaging labor shortage and fastest rising inflation in 40 years.

Democrats’ spending has already driven prices up by more than 6 percent more than last year with no end in sight.

• If inflation persists at the current rate, American families will lose $1,755 in real wages by the end of President Biden’s first year in office.
• Workers paychecks are shrinking as seven out of the last nine full months President Biden real wages have declined.
• During October, inflation increased by an annualized 11.9 percent – a rate not seen since near the height of stagflation in 1980.

Biden’s bill includes $1.2 trillion of crippling tax hikes on America’s job creators.

• The Made-In-America corporate tax hike kills U.S. jobs and drive many of them overseas, and hits small businesses with $400 billion in higher taxes.
• Under Democrats’ plan, small business owners and other entrepreneurs will face the highest taxes rates in the developed world at over 57 percent. Democrats’ proposed global tax surrender makes it better to be a foreign company or worker than an American one.