Republicans on the Senate Banking Committee are expected to grill Federal Reserve Chair Jerome Powell in a Tuesday hearing on Capitol Hill.
Former Reagan economist Art Laffer discusses the January jobs report and the Fed's involvement in Biden's push to tax the wealthy.
The hearing comes on the heels of a letter sent to Powell by Senate Banking Committee ranking member Tim Scott, R-S.C., that dismissed another Fed official’s criticism of capital requirements for banks as "unfounded." But for committee member Daines, Americans' rising cost of living will be front and center at the hearing.
Citing Congressional Budget Office figures that suggest the national debt could exceed $51 trillion in a decade, Daines will say, "Within five years, we will spend more on annual interest on the national debt … than we will on national defense. Think about that."
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