Pelosi Issues Statement on Federal Reserve Interest Rate Cut

RISMEDIA, Sept. 20, 2007-Speaker Nancy Pelosi issued the following statement after the Federal Reserve cut interest rates by half a percentage point:”[The] announcement by the Federal Reserve to reduce interest rates underscores the economic insecurity that middle-class Americans have long been feeling. A weakening economy, record home foreclosures, record energy prices, and meager job creation are not just numbers, but rather serious challenges for working families across the country. I hope that the action taken today by the Fed will bring some relief to the middle-class.

“For families facing skyrocketing mortgages, Congress is taking action today. With crucial reforms to the Federal Housing Administration, we will enable it to serve more subprime borrowers at affordable rates, offer refinancing to families struggling to meet their mortgage payments, and help create more affordable rental housing across the country.

“This Congress is taking us in a New Direction: we have made college more affordable, increased the minimum wage, and passed legislation to spur U.S. innovation. To reduce the pressure of growing energy and health care costs, we will make sweeping changes to our energy policy that will declare America’s energy independence, and pass a health care bill to cover millions of children. That is a New Direction that the vast majority of Americans support.”

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