Press Releases

McHenry: Not One of the Bills We Are Discussing Today Will Bring Down the Cost of Food, Gas, or Housing

Washington, June 22, 2022 -

Today, the House Financial Services Committee is holding a markup of mostly unrelated, partisan legislation that will do nothing to stabilize consumer prices, bring down the cost of gas, or fix our broken supply chains. Committee Democrats are more focused on scoring “wins” for vulnerable members than addressing the economic devastation caused by their reckless policies.

Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.

Read Republican Leader McHenry’s opening remarks as prepared for delivery:

“Thank you, Madam Chair, for holding this markup.

“First, I’d like to express my deepest condolences to our friend and colleague, Mr. Casten.

“Our prayers are with him and his family at this unimaginably difficult time.

 “And Madam Chair, we’re all glad to see you’ve made a speedy recovery.

“America is in the midst of an inflation crisis, an energy crisis, a supply chain crisis, and a labor shortage crisis.

“But here we are again, debating bills that will do nothing to address any of these issues.

 “Last week, Democrats had a bill on the House floor to ‘address inflation and help bring costs down for Americans’ according to Leader Hoyer’s schedule.

 “Just last month, President Biden stated that inflation is his ‘top domestic priority.’

“And to kick it off, Secretary Yellen admitted she was wrong when she called inflation ‘transitory’ last year.

 “Republicans welcome this conversation. In fact, last week on the House floor, Republicans used debate time to focus on the rising prices hurting all of our constituents—and we’ll do that again at today’s markup.

“This month we learned that the Consumer Price Index reached 8.6 percent for the past 12 months through May, the highest level in more than 40-years.

 “Everyday goods and services are unaffordable for low- and middle-income Americans.

“Real wages have fallen 3.4 percent as consumer prices increase faster than wage gains.

“In fact, U.S. households will spend an extra $5,200 dollars this year, as compared to last year, for the same basket of goods and services.

“The national average for the price of gas is hovering around a staggering $5 dollars per gallon.

“Gas prices have more than doubled since President Biden took office. Let me be clear, that’s not since Putin invaded Ukraine, it’s doubled since Biden took office.

 “As if that weren’t bad enough, our economy is shrinking.

“In the first quarter of this year, U.S. GDP came in at a negative 1.4 percent.

“But my colleagues across the aisle already know all of this and they’ve invited this conversation. Unfortunately, once again, their words do not match their actions.

“Look no further than today’s markup agenda. Not one of the bills we are discussing today will bring down the cost of food, gas, or housing.

“Instead, we are here today with another grab bag of bills that look very similar to an end of the year markup intended to clear the decks and score some wins for your members.

“It’s unclear what my Democrat colleagues are trying to accomplish.

“How does establishing a $100 billion down payment assistance program help keep housing costs down?

“How does putting small businesses under the microscope of the unaccountable Consumer Financial Protection Bureau address the pain at the pump?

“How does putting more limitations on financial institutions with respect to their business models help make credit cheaper or more readily available to consumers who need it most?

“Families are hurting and this is the list of bills Democrats come up with?

“This isn’t to say some of the policies we’ll discuss aren’t important. I appreciate the work of the gentleman from New York, Congressman Torres, on temperature sensors and the work by the gentlewoman from Pennsylvania, Congresswoman Dean, to ensure updated smoke alarms are in federal and public housing facilities.

“But, at the end of the day, the American people want to know what we are doing about inflation and to put money back into their pockets.

“In fact, 80 percent of Americans say inflation is the most important issue facing the country according to a recent ABC News and Ipsos poll.

“Republicans hear you.

“So, we’ll use today’s markup to discuss the real issues impacting American workers and families. I welcome my Democrat colleagues to abandon their partisan priorities, that have no chance of becoming law, and join us.

“With that, I yield back.”


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