WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Federal Reserve announced it would raise interest rates by a quarter point:

“The Working Families Tax Cuts are delivering bigger paychecks, fueling small business growth and hiring, and driving a manufacturing revival across the country. Jobless claims remain near a 60-year low, and employers added more than 160,000 jobs in August alone – triple what the so-called experts predicted.

“With the economy growing, businesses hiring and investing, and inflation at less than half the rate American families endured under President Biden, interest rates should be coming down, not going up. Democrats’ reckless spending spree under Biden drove prices up by more than 21 percent, squeezing working families’ budgets. After years of elevated borrowing costs, a rate increase is the opposite of the relief families and small businesses need. As President Trump works to restore stability in the Middle East and bring down energy prices, the Fed should recognize the progress. 

“American workers, families, and small businesses have waited long enough for relief from high borrowing costs that make it harder to buy a home, start a business, or get ahead. This is the wrong decision for working families that will only prolong the high costs they are paying.”