Endorsed Federal Reserve hikes to counter inflation
The House of Representatives Financial Services Committee questioned bank CEOs last week, inquiring on a variety of topics. The hearing primarily focused on how best to curb inflation. All the CEOs endorsed the Federal Reserve’s decision to raise their interest rates to address the issue, though they recognized the stress it will have on American finances.
The committee members also asked the executives about their connections to China and Russia. Representatives Lance Gooden of Texas and Brad Sherman of California each took a turn questioning the institutions’ positions on human rights violations in China and about their Russian clients, respectively.
As the Lord Leads, Pray with Us…
- For members of the House Financial Services Committee as they evaluate the federal government’s policies and obtain private sector input.
- For the representatives as they seek the best interests of the constituents.
- For members of the Federal Reserve as they continue to raise interest rates to counter inflation.
Sources: AP, Reuters
