Schakowsky Statement on Federal Reserve Interest Rate Announcement

Today, Rep. Jan Schakowsky issued the following statement in response to the Federal Reserve’s decision to increase interest rates:

“Many Americans around the country have yet to feel the benefits of the economic recovery. While we have seen a continuing period of job growth and stock market increases, far too many individuals and families haven’t experienced similar gains. That is why today’s decision by the Federal Reserve to raise interest rates is precisely the wrong choice at this moment in time. Raising interest rates will hit small businesses and hard-working Americans by increasing costs of accessing credit - including student loans, auto loans, and mortgages; tamping down on growth at a time when we need to be doing all we can to boost our economy. While I am disappointed in this announcement, we must continue to do all we can to ensure that the benefits of this economic recovery reach all Americans.”