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Rounds Questions Fed Chair on Economic Growth During Banking Committee Hearing

Expresses Concern About Instability in Trade Markets

WASHINGTON– U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Committee on Banking, Housing and Urban Affairs, today questioned Jerome Powell, Chairman of the Federal Reserve, about the positive impact the Tax Cuts and Jobs Act has had on our economy. The two agreed that the tax law, in addition to other policies, is having a positive effect on our economy. Rounds also expressed concern for the impact that trade instability is having on our ability to reach our full economic potential. Powell concurred, saying that businesses are clearly looking for stability.

Rounds: “I just want to be clear. That tax bill had a positive impact, even if it’s the anticipation of the tax bill, it had a positive impact on our GDP growth, correct?”

Powell: “This year, yes. Maybe last year too.”

Rounds: “With regard to trade…there is perhaps some instability or questions on the part of our businesses and business around the world. Are businesses looking for stability with regard to trade pacts, or opportunity in instability?”

Powell: “They’d clearly be looking for stability.”