Central Montana Times

U.S. Senator Steve Daines today addressed a Senate Banking hearing, criticizing President Joe Biden’s economic policies, which he claims have led to the highest inflation rates in 40 years. During the session, Daines questioned Federal Reserve Chair Jerome Powell about plans to cut interest rates.

"When President Biden took office, inflation was at 1.4 percent. His failed policies drove us to the highest inflation we’ve seen in 40 years," said Daines. "I can tell you that the folks back home in Montana aren’t fooled because in every part of their lives, inflation is not some type of hypothetical. They see the everyday impacts of the decades-high inflation brought on by the policies of the Biden Administration facilitated by congressional Democrats."

Daines cited specific examples to illustrate his point: "The costs of most goods and services across the economy are more expensive than they were in 2020, and that is a fact that no amount of political spin or mental gymnastics can make go away. Here are just a couple examples. Breakfast cereal prices have increased 28 percent since January 2020. Gas prices increased 36 percent from a national average of $2.63 per gallon to $3.58 per gallon. Egg prices have jumped to $3 per dozen in 2024, double the cost of $1.45 in February 2020."

Daines also asked Chair Powell to ensure that any decision to cut rates before the November election would be based on economic factors rather than political pressure.

Additionally, Daines pressed Chair Powell on the Basel III Endgame proposal, which would require banks to raise capital requirements.