Sep 18, 2024
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing and Urban Affairs, issued a statement following the Federal Reserve's announcement to lower interest rates.
“Today’s long overdue action will help bring down housing costs, including high interest rates that are making it unaffordable for families to buy a home. Prices are still far too high – now it’s time for action to address the root cause of inflation: corporations raising prices to pad their own profits,” said Brown.
For over a year, Brown has urged Chair Jerome Powell and the Federal Reserve to take steps to lower interest rates and alleviate high consumer prices. During the most recent Semiannual Monetary Report to Congress in July, Brown expressed concerns to Powell about the risks of maintaining high rates for an extended period on workers' paychecks. In January, Brown also wrote to Powell advocating for interest rate cuts and emphasized addressing corporate price-gouging as a primary cause of higher prices.
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