Congresswoman Sylvia Garcia Statement on the Federal Reserve's Decision to Cut Interest Rates

WASHINGTON, D.C. - Congresswoman Sylvia R. Garcia (D-TX-29) issued the following statement following the Federal Reserve's decision to cut interest rates by 50 basis points (0.5 percent):

"Today's rate cut is the first step of many to making everyday expenses more affordable to all Americans. For everyday consumers, it will be easier to obtain a mortgage or to borrow money for necessary expenses. For our businesses, it is now easier and less risky to invest in projects, like housing developments. It is also easier to borrow funds to hire more workers and grow our economy. As the Federal Reserve moves forward with these adjustments, they need to remain vigilant to ensure inflation continues to go down. Given how housing and gas prices continue to drive the current rate, they should continue to pursue avenues to help relieve pressures in these sectors."