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 delivering bigger paychecks for working families, fueling small business growth, and driving a manufacturing revival across the country. Manufacturers in all 50 states are using the new tax incentives to grow and create new jobs. For example, a food producer in Perryville, Missouri, modernized its equipment, a machine shop in North Carolina grew its workforce by 25 percent, and a manufacturer in Arizona made the largest equipment purchase in its history. With jobless claims near a 60-year low and business activity accelerating, the strength of today’s economy deserves interest rates that support continued growth.

“One factor holding back further growth is persistently high interest rates. I hope the Fed will act soon to lower the cost of capital so businesses can grow even more. As working families, small businesses, farmers, and manufacturers continue to benefit from Republicans’ pro-growth policies, the Fed should lower borrowing costs.”