Tom Harkin: “This says, ``The President and Congress should encourage the Federal Reserve to lower interest rates.'' It didn't say we…”

“This says, ``The President and Congress should encourage the Federal Reserve to lower interest rates.'' It didn't say we should have them consider it. That time has passed. I might have agreed with the Senator from New Mexico a year ago, that they should consider it. Now the time is critical. If the Federal Open Market Committee doesn't act next week, they don't meet again until November. That is why it is so crucial that we, as policymakers, send a strong signal, not that they should consider reducing interest rates, but they ought to do it. We ought to back up what we know is right, back up what the Business Roundtable and almost every economist is saying that we have to do. Is that interfering with the Fed? Not at all. But it is telling them what we, as policymakers, believe and feel they should do at their next meeting, and that is to promptly reduce interest rates. I thank the Senator from New Mexico.”