Maurice Hinchey: “Yesterday, for the seventh time in the last 12 months, the Federal Reserve--meeting in a closed-door session-- raised…”

“Yesterday, for the seventh time in the last 12 months, the Federal Reserve--meeting in a closed-door session-- raised the interest rates and gambled on the economic future of the middle-class American. Over the past year, the Federal Reserve has acted out of fear of a phantom inflation that does not exist. The constituents of my district, and the working families of this Nation, are struggling to be a part of the economic recovery. Inflation is at a 30-year low, but working Americans will now suffer under an interest rate double that of the same time last year. Over the past year, there has been no significant increase in salaries or buying power, but now the Fed is depriving middle-class taxpayers of the buying power necessary to participate in the economic recovery. The Fed's rate increase is going to hit working Americans when they pay their mortgage, it is going to hit working Americans when they pay their credit card bills, and it is going to hit working Americans when they need to buy cars. Today, I call on the Federal Reserve Board to end this ongoing crusade against a phantom inflation--tilting at windmills that do not exist. The fact remains that the economy is not overheating and millions upon millions of Americans are still out of work. The Federal Reserve was wrong to raise rates and has put economic recovery at risk for working American families.”