House Financial Services Committee Chairman French Hill emphasized the importance of opening markets and reducing non-tariff barriers while maintaining strong economic growth during a hearing on the Federal Reserve’s Semi-Annual Monetary Policy Report. Chairman Hill highlighted that despite rhetoric suggesting otherwise, the U.S. economy under the Trump administration is robust and resilient.
He contrasted this with the previous administration, which faced high inflation due to excessive spending. Under the current administration, inflation has decreased, and real wages are growing again. Chairman Hill also praised the Federal Reserve for its efforts to keep politics out of its operations, including disbanding climate-related committees and streamlining its workforce.
The hearing underscored a balanced approach, combining potential rate cuts with targeted tariffs to foster economic growth. Chairman Hill expressed optimism about Governor Miki Bowman’s confirmation as Vice Chair for Supervision, noting her advocacy for community banks.
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Chairman Hill: We Can Fight To Open Markets And Break Down Non-Tariff Barriers While Achieving Solid Economic Growth
Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding the Federal Reserve’s Semi-Annual Monetary Policy Report hearing.
Watch Chairman Hill’s opening remarks here.
Read Chairman Hill’s opening remarks as prepared for delivery:
“Good morning. I want to thank Chairman Powell for joining us today.
“We appreciate your time and look forward to hearing more about the Federal Reserve’s outlook on economic and monetary policy.
“There has been a lot of rhetoric lately, particularly from our friends across the aisle, suggesting that Republicans are steering our economy towards a recession. However, the facts tell a different story.
“Four months into the Trump Administration, American workers and taxpayers are already benefitting from a strong, resilient economy.
“The Fed has noted that growth is solid, and even former Fed officials have dismissed the idea that a recession is near.
“Compare that to the previous administration.
“Under President Biden, Americans endured the highest inflation rates in decades, driven by reckless spending and misguided policy decisions.
“Now under the Trump Administration, inflation has declined to levels lower than those seen before the Biden’s flawed so-called American Rescue Plan and real wages are finally meaningfully growing again.
“There is always some economic uncertainty when the United States engages in difficult negotiations necessary to secure more open markets for American goods and services.
“But that uncertainty is not without a strategy.
“One Fed official, Governor Waller, has outlined how a balanced approach, combining potential rate cuts with targeted tariffs, could still foster strong economic growth.
“Let me be clear on that point.
“We can fight to open markets and break down non-tariff barriers while achieving solid economic growth, at the same time. That’s President Trump’s goal – just as it was for President Reagan in the 1980s.
“I also want to commend the Federal Reserve for taking positive steps to keep politics out of the Fed, including disbanding four internal climate related committees and making the Fed leaner and more efficient by rightsizing its work force across the System.
“These moves reflect a commitment to efficiency from the Fed.
“I’m also pleased that Governor Miki Bowman has been confirmed as Vice Chair for Supervision at the Fed.
“Governor Bowman has been a tireless advocate for community banks, and this Committee is eager to work with her on policies that enhance our banks to provide greater access to capital and services for our families and businesses across our land.
“I look forward to today’s hearing and I yield back.”