[Congressional Record Volume 168, Number 49 (Friday, March 18, 2022)]
[House]
[Page H3843]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      HISTORY IS REPEATING ITSELF

  (Mr. HILL asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HILL. Madam Speaker, inflation is a thief, and many of us believe 
that the Federal Reserve is behind the curve in fighting that thief.
  History is repeating itself, Madam Speaker, and Jay Powell is now 
fighting and facing precisely what his predecessor Arthur Burns called 
the ``anguish of central banking'' in 1979.
  Sustained stagflation, high current inflation, growing high 
inflationary expectations, and now a commodity shock, these are all of 
the problems that Chair Burns faced in the 1970s.
  While I welcome the Fed's action to shrink the balance sheet and 
start with the 25 basis-point increase in short-term rate targets, this 
process should have started in 2020. In my view, they should have been 
more aggressive this week and supported a 50 basis-point increase in 
short-term rates.
  It is time for Congress to reassess and debate the central bank's 
mandate. In my view, the Fed should have a single mandate focused on 
containing inflation and keeping prices in check for Americans at the 
pump, at the grocery store, and whenever they pull out their wallet.

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