Pelosi Statement on Rate Cut by the Federal Reserve Board

March 18, 2008
Press Release
Washington, D.C. - Speaker Nancy Pelosi released the following statement this afternoon in response to the Federal Reserve Board's decision to cut the Federal funds rate by 3/4 of a percentage point:

'Today's Federal Reserve rate cut is another strong signal of Chairman Bernanke's commitment to addressing the consequences of the credit crisis and restoring confidence in the markets.

'While the Fed is aggressively working to stabilize the financial markets, the President said he would wait to see 'if there needs to be further action.'   Democrats believe that the time is now to build on the Fed's efforts, by taking action to ease the economic burdens facing everyday Americans, especially those threatened by foreclosure, unemployment and rising energy and health care costs.

'I am hopeful that the President will work with Congress to help families who are struggling to make ends meet.'