Frank Statement on the Federal Reserve's Interest Rate Cut

Washington, DC - Rep. Barney Frank, Chairman of the House Financial Services Committee, today offered the following statement regarding the Federal Reserve's interest rate cut:

“I am pleased the Federal Open Market Committee decided to cut the federal funds rate and the discount rate; I am surprised, however, that their continued concern about inflationary risk outweighs what I believe to be growing risks to sustained growth.  I hope that, in this instance, markets and consumers will pay more attention to what the FOMC did than to what it said.”