Maine 2nd District U.S. House Rep. Bruce Poliquin Wednesday questioned Federal Reserve Chairman Jerome Powell about the nation’s economy and what can be done to encourage its growth.
“One of my concerns, my major concern Mr. Powell, is how do we keep this going?” Poliquin asked.
In questioning before the House Financial Services Committee, Powell responded that the Federal Reserve is doing its part by raising interest rates very slowly. "Let me say we strongly share the goal to keep this expansion going and we think that continuing to gradually raise the rates for now is the way to do that,” Powell said.
Poliquin then asked Powell if he supports a balanced budget amendment to the Constitution, a measure Poliquin is co-sponsoring.
“Do you agree with me that a balanced budget amendment to the Constitution is a good idea to force Washington to spend within its means and start paying down our debt, sir?"
"No, I do not,” Powell responded.
Powell was appearing before the committee as part of his regular reporting on the state of the economy to Congress.
