Congressman Pat Ryan called on the Federal Reserve to immediately lower interest rates in a letter to Chair Jerome Powell. In his letter, Ryan cited rising housing costs and the financial pressure on small businesses as reasons a rate cut is necessary. At last week’s meeting of the Federal Open Market Committee (FOMC) of the Federal Reserve, interest rates were not changed. The next scheduled meeting of the FOMC is September 17th.

“Whether you’re a renter, first-time home buyer or senior on fixed income, the cost of housing right now is absolutely crushing. We’ve got a housing affordability crisis, and we need the Federal Reserve to take urgent action,” Congressman Ryan said. “From the small business owner in Kingston hoping to hire new employees, to the young couple in Newburgh struggling to afford rent, Hudson Valley families simply can’t wait any longer. We are failing a whole generation of Americans, and the time for action is now.”

The FOMC consists of twelve members who meet eight times a year to set monetary policy and interest rates. The current benchmark interest rate of 5.25-5.50% has not been changed since July 2023 and the Fed has not lowered rates since March 2020.