*** VIDEO RELEASE *** Menendez Presses Fed Chair Nominee Jerome Powell on GOP Tax Plan and Healthcare Repeal

*** VIDEO RELEASE *** Menendez Presses Fed Chair Nominee Jerome Powell on GOP Tax Plan and Healthcare Repeal

Powell says middle class families losing $59 billion in household income, as they would under Republican tax plan, “would be bad.”

   

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Banking, Housing & Urban Affairs Committee, today pressed Federal Reserve Chair-nominee Jerome Powell on whether corporate tax cuts will lead to wage growth, especially when paired with household income losses for those making less than $75,000 a year.  Under questioning from Sen. Menendez, Powell admitted that middle class families losing $59 billion in household income thanks to the Republican tax plan would be “bad,” and expressed concern about the nation’s long-term fiscal sustainability with the $1.5 trillion the tax bill adds to the debt.

Sen. Menendez also asked about the economic impact of 13 million Americans losing their health insurance, as the CBO predicts would happen if the Republican tax bill passes (begins at 4:34), to which Powell concurred with the stated position of outgoing Fed Chair Janet Yellen that “largescale loss of access to health insurance could have a significant impact on household spending for goods and services, and it could it also impact job mobility.”

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Mr. Powell currently serves as a Member of the Board of Governors of the Federal Reserve System.  He was nominated to serve as a member by President Obama in 2012, and he was re-nominated in 2014. 

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