Rep. Lawler: ‘I Think the Fed Has a Lot to Answer For,’ They Need a ‘Full and Complete Audit’

LEMIRE Lastly congressman the ░░░░░░░░ we teased earlier with ░░░░░░░░ Powell what do you ░░░░░░░░ to hear from him ░░░░░░░░ What are your thoughts ░░░░░░░░ the continued independence of ░░░░░░░░ Fed from the White ░░░░░░░░ We know President Trump ░░░░░░░░ had suggested he feels ░░░░░░░░ the Oval Office should ░░░░░░░░ a little more of ░░░░░░░░ say as to how ░░░░░░░░ conducts itself LAWLER Well ░░░░░░░░ you look at how ░░░░░░░░ Fed handled inflation they ░░░░░░░░ t really believe it ░░░░░░░░ a problem at first ░░░░░░░░ were late to raise ░░░░░░░░ rates and then they ░░░░░░░░ raised interest rates They ░░░░░░░░ the last year plus ░░░░░░░░ time on the Basel ░░░░░░░░ Endgame which is for ░░░░░░░░ intents and purposes dead ░░░░░░░░ this point You know ░░░░░░░░ think the Fed has ░░░░░░░░ lot to answer for ░░░░░░░░ frankly I m someone ░░░░░░░░ fundamentally believes like all ░░░░░░░░ other agencies the Fed ░░░░░░░░ a full and complete ░░░░░░░░ So you know I ░░░░░░░░ a lot of questions ░░░░░░░░ Jerome Powell but moving ░░░░░░░░ the question is how ░░░░░░░░ plan to handle you ░░░░░░░░ high cost of living ░░░░░░░░ had a very extensive ░░░░░░░░ with Jerome Powell over ░░░░░░░░ year ago at a ░░░░░░░░ in which we talked ░░░░░░░░ for instance the high ░░░░░░░░ of housing SCARBOROUGH Right ░░░░░░░░ and how that impacts ░░░░░░░░ know inflation and everything ░░░░░░░░ So there s a ░░░░░░░░ of work ahead And ░░░░░░░░ I m curious to ░░░░░░░░ his answers with a ░░░░░░░░ administration in place SCARBOROUGH ░░░░░░░░ LAWLER how he plans ░░░░░░░░ handle cost and inflation ░░░░░░░░ and where they are ░░░░░░░░ respect to interest rates ░░░░░░░░ having wasted so much ░░░░░░░░ on the Basel III ░░░░░░░░ what their plan is ░░░░░░░░ forward SCARBOROUGH Well congressman ░░░░░░░░ me ask you about ░░░░░░░░ rates Obviously interest mortgage ░░░░░░░░ are too high right ░░░░░░░░ I say too high ░░░░░░░░ high for a lot ░░░░░░░░ people who afford a ░░░░░░░░ home At the same ░░░░░░░░ if he takes interest ░░░░░░░░ down right now with ░░░░░░░░ economy seemingly still sort ░░░░░░░░ teetering on on becoming ░░░░░░░░ hot again becoming inflationary ░░░░░░░░ that would obviously lead ░░░░░░░░ long term interest rate ░░░░░░░░ Do you support interest ░░░░░░░░ being lowered right now ░░░░░░░░ do you think the ░░░░░░░░ has it about right ░░░░░░░░ I think they can ░░░░░░░░ down a bit Obviously ░░░░░░░░ don t want to ░░░░░░░░ what he did in ░░░░░░░░ reverse You don t ░░░░░░░░ to rapidly bring everything ░░░░░░░░ But we have to ░░░░░░░░ the overall cost of ░░░░░░░░ Obviously the cost of ░░░░░░░░ mortgage is insane And ░░░░░░░░ s not just mortgage ░░░░░░░░ which in my district ░░░░░░░░ up over a 1 ░░░░░░░░ a month over the ░░░░░░░░ 2 years over 12 ░░░░░░░░ a year which is ░░░░░░░░ but obviously it s ░░░░░░░░ overall cost of living ░░░░░░░░ part of the way ░░░░░░░░ we re dealing with ░░░░░░░░ is both through monetary ░░░░░░░░ and fiscal policy And ░░░░░░░░ of the things that ░░░░░░░░ re looking to do ░░░░░░░░ the reconciliation process is ░░░░░░░░ reduce overall government spending ░░░░░░░░ help bring down inflation ░░░░░░░░ increase domestic production of ░░░░░░░░ That is critical for ░░░░░░░░ cost of everything the ░░░░░░░░ of manufacturing cost of ░░░░░░░░ cost of goods So ░░░░░░░░ Right LAWLER this is ░░░░░░░░ you have to take ░░░░░░░░ holistic approach to this ░░░░░░░░ s not just one ░░░░░░░░ or the other but ░░░░░░░░ do think interest rates ░░░░░░░░ need to come down ░░░░░░░░ the overall cost of ░░░░░░░░ in part is impacted ░░░░░░░░ housing costs So mortgage ░░░░░░░░ rates SCARBOROUGH Right LAWLER ░░░░░░░░ to come down Seven ░░░░░░░░ know percent is unsustainable ░░░░░░░░ for most Americans SCARBOROUGH ░░░░░░░░ right Republican Congressman Mike ░░░░░░░░ of New York as ░░░░░░░░ thanks so much for ░░░░░░░░ with us.”