Press Releases

Financial Services Republicans “Overtake” Markup to Discuss 40-Year High Inflation

Washington, June 23, 2022 -

While Financial Services Committee Democrats continue their inflation blame game, Committee Republicans used this week’s markup to discuss the true driver of skyrocketing prices: Democrats’ reckless spending.

Chairwoman Maxine Waters (D-CA):I warned my staff that whatever issue we bring up today there was going to be an effort by the opposite side of the aisle to basically overtake the discussion by talking about inflation and accusing this Administration and Biden.”

The Chair was right.

According to a survey from Pew Research, a majority of the American people say inflation is the top problem facing the country. But instead of working with Republicans to address rising prices clobbering American families, Committee Democrats pushed through nearly a dozen predominantly partisan bills that do nothing to make food, gas, or shelter more affordable.

Democrats turned to their favorite scapegoats in an attempt to explain away inflation:

Congressman Juan Vargas (D-CA): “The reality is that inflation is happening all across the world because of the pandemic. In fact, let’s take a look at Europe. Estonia 20.1 percent… Latvia 16.8… Poland 12.8… Romania 12.4… Hungary 10.8.”

Congressman Bryan Steil (R-WI): “My colleague says that people are saying inflation’s only in America. That’s not true. Inflation’s running rampant in America. We heard a list of countries where it’s also running rampant. I’d note that many of the countries that were just listed are bordering a land war in Europe. … So, of course there’s going to be massive inflation in those countries as well.”

And they offered a consolation to Americans who can’t afford basic necessities like groceries to feed their families and gas to fill up their tank:

Congressman Ed Perlmutter (D-CO): “I think all of us would agree that we don’t want to see inflation, but we went through a pandemic, and we’ve had shortages. So, you could go get a Peloton today at half the price you would’ve paid a year ago, Mr. Steil.”

Congressman Patrick McHenry (R-NC): “You can’t eat a Peloton, you can’t eat a Peloton!”

Committee Republicans offered five simple amendments to the partisan bills to actually address the inflation crisis Democrats created:

Ranking Member McHenry offered the first amendment, which would force the Majority to get serious about combatting Democrat-induced inflation. Speaking in support of the amendment, Congressman Steil slammed Democrats for their failure to address skyrocketing consumer prices. “There are policy choices we could be making in the United States of America to ease the burden that people are feeling every day,” said Congressman Steil. Unfortunately, Democrats are more focused on partisan messaging bills that will never become law.

Vice Ranking Member Ann Wagner (R-MO) offered an amendment to ensure solving the baby formula crisis is prioritized over spending billions more in taxpayer dollars on a program that will drive up the cost of housing for all Americans. Parents across America are struggling to find formula “purely due to the blatant incompetence in the White House,” said Congresswoman Wagner.

Subcommittee Ranking Member Blaine Luetkemeyer’s (R-MO) amendment would force Democrats to finally address one of the worst effects of Democrat-induced inflation—falling real wages, which have dropped 3.4% over the twelve months ending in June. Congressman Luetkemeyer stated, “despite the immense concern from small businesses across the country, the majority here in Congress refuses to address the scourge of inflation.”

Another amendment, offered by Subcommittee Ranking Member Bill Huizenga (R-MI), would require Democrats to stabilize gas prices instead of forcing their far-left agenda on the American people. “I understand Democrats would like to point the finger at the Russian invasion of Ukraine, but in reality, gas prices were rapidly on their way up long before Vladimir Putin invaded the country,” said Congressman Huizenga.

Despite Republican efforts to address the inflation crisis, Democrats rejected all inflation related amendments—brushing aside the concerns of struggling American families.


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