Rounds Presses Fed Chair on Biden’s Policy-Induced Inflation

WASHINGTON – U.S. Senator Mike Rounds (R-S.D.) today questioned Jerome Powell, Chair of the Federal Reserve, during a Banking, Housing, and Urban Affairs hearing titled, “The Semiannual Monetary Policy Report to the Congress.”

“As you know, both core and headline inflation have remained persistently elevated, and over the past 12 months, real average hourly earnings fell by 1.8 percent, about 4 percent since President Biden took office,” said Rounds.

“Over the past year, the Fed has acted aggressively to tame inflation and yet we are still seeing price increases,” continued Rounds. “I believe this further proves that we have long been feeling the effects of a policy-induced inflation resulting from decisions by the Biden administration, primarily cutting off the resources necessary to improve and increase domestic energy production.”

Rounds asked, “If policies were in place that were actually allowing energy prices to come down in the United States then you would have less of a need to use the very blunt tools that you do have right now with regard to [interest rate] increases – is that a fair statement, sir?”

“In a sense it is,” answered Powell.

Click HERE to listen to Rounds’ remarks.

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