Sep 16 2020
Washington, D.C.—Today, Congressman Don Beyer (D-VA), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Federal Reserve announced that it will leave interest rates near 0% through at least 2023:
"Even as the Federal Reserve upgraded its economic outlook from June, the central bank made it clear it will take years to dig out from the economic hole we are in, pledging to hold rates at near zero for at least three years. Moreover, Chairman Powell again emphasized the substantial uncertainty facing the economy and what policymakers can do to change it—indeed, those improved forecasts assume additional fiscal action. Clearly, we have much work ahead of us to rebuild the economy. Monetary policy, by itself, will be insufficient. Congress must play a greater role to provide the support people need as we work to contain the coronavirus and rebuild the economy."
About Congressman Beyer
Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.