Press Releases

Today, Monetary Policy & Trade Subcommittee Chairman Bill Huizenga released the following statement after the Federal Open Market Committee (FOMC) announced its decision to raise interest rates by a quarter of a percentage point:

“For nearly a decade, the Federal Reserve has steered away from free-market principles and chosen to maintain artificially low interest rates,” said Chairman Huizenga. “Today’s announcement is an overdue and necessary first step in returning to a market-based approach to monetary policy here in the United States.”

Background:

In November, the House of Representatives passed the FORM Act, legislation authored by Congressman Huizenga to restore accountability and increase transparency at the Federal Reserve while also strengthening our nation’s monetary policy.

The FORM Act allows the Federal Reserve the ability to develop the best course of action on monetary policy, but requires it to give the American people a greater accounting of its actions. Additionally, the FORM Act requires the Federal Reserve to transparently communicate its monetary policy decisions to the American taxpayers. By requiring the Fed to regularly communicate how its policy choices compare to a benchmark rule instead of continuing the ad-hoc strategy currently being employed, the FORM Act will help consumers and investors make better decisions in the present and create more sound expectations about the future.

More information on the FORM Act is available here.