WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Federal Open Market Committee announced its decision to lower the benchmark rate by 25 basis points:

“Today’s rate cut is another important and welcome move from the Federal Reserve to end its unwarranted obstruction of economic growth. However, it should be further along in cutting interest rates at this point. The Federal Reserve was slow to fight Biden’s sky-high inflation, and now the Fed has been slow to cut rates. As a result, many young families have been locked out of buying a home and small businesses have struggled to secure investments needed to grow and hire new workers. 

“Pro-worker, pro-America tax policy should not be undermined by too-high interest rates. The recently enacted tax cuts for working families coupled with the broader Trump agenda is unleashing an economic boom: growth in the second quarter was the highest in nearly two years, manufacturing production is up, and working-class Americans are reaping the benefits with bigger paychecks. For the first time since the last Trump Administration, families have a chance to get ahead and work to secure their future. The Federal Reserve should support families and small businesses and continue lowering interest rates.”