Washington, D.C.—Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Federal Reserve’s Federal Open Market Committee (FOMC) announced its decision to raise the federal funds rate by .25 percentage points, as was expected.

“The Fed’s announcement comes as our economy has continued to experience record economic growth and a strong labor market recovery under the Biden administration. As higher prices—exacerbated by Putin’s invasion of Ukraine—deprive workers of the full benefits of the strongest wage growth in years, careful and deliberate action by the Fed is aimed at helping to tamp down inflation and promote a healthy labor market.  

“The Fed is strongest and most capable of delivering on its mission to stabilize prices, steward the U.S. economy to full employment and address the impact of climate change on our financial systems when it is fully staffed. Filling the vacancies will enable the central bank to effectively combat inflationary pressures while furthering our progress toward an economy in which growth is stronger, stable and more broadly shared, and I encourage the swift confirmation of President Biden’s nominees.

“Congress is best positioned to ensure households can meet their needs and address the long-term, structural weaknesses in our economy that leave us vulnerable to the kinds of supply shocks that cause inflation. Democrats are focused on delivering investments in children and families, workers and small businesses that will cut costs for households, build long-term economic security and move toward true energy independence.”