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STATEMENT: Fed Announcement Is "Monumental Victory for American Workers"


Date: Aug. 27, 2020
Location: Olympia, WA
Issues: Monetary Policy

Today, Congressman Denny Heck (WA-10) issued the following statement in response to Federal Reserve Chair Jerome Powell's speech announcing a new monetary policy framework that will keep interest rates lower longer into an economic recovery:

"Today's announcement from the Federal Reserve is a monumental victory for American workers. For 50 years, the gap between the haves and have-nots in America has been widening. This income inequality is rending the very social fabric of our nation. Despite a legal mandate to achieve full employment, for decades, the Federal Reserve has consistently raised rates as unemployment dropped, slamming the brakes on the economy just as tighter labor markets begin to give workers the bargaining power to win pay increases.

"I've spent nearly eight years in Congress asking Fed Chairs from Bernanke to Powell: When does America get a raise? I have taken every opportunity to press for policy changes to more aggressively pursue wages and employment. We can't afford another "jobless recovery" where workers' wages fall further and further behind productivity. Working Americans deserve to keep more of what they produce, and with this policy reversal, I am confident they will.

Chair Powell has done more than any Fed Chair in decades to pursue full employment and make whatever policy changes necessary. It's a testament to Chair Powell's bold leadership that, even prior to the COVID-19 pandemic, he recognized that our seemingly booming economy was leaving countless American workers behind. I thank Chair Powell for having the courage to act."

Rep. Heck is a member of the House Financial Services Committee.