Sen. Chuck Grassley, chairman of the Committee on Finance, today made the followingcomment on the Federal Reserve’s surprise cut of short-term interest rates.
“I’m glad to see the Fed demonstrate greater sensitivity to the economic slowdown.Aggressive action is needed to keep the economy above water. It’s a lot easier to prevent a drowningthan it is to rescue the drowned. And lower interest rates can do more in the way of an immediateeconomic stimulus than anything Congress can do. I hope that’s what the Fed had in mind with thisrate cut.”