S.Res. 347

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 347 Introduced in Senate (IS)]

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119th CONGRESS
1st Session
S. RES. 347

Expressing the sense of the Senate that the Board of Governors of the 
Federal Reserve System and the Federal Open Market Committee should 
take immediate steps to lower interest rates to support economic 
growth, job creation, and affordability for American families and 
businesses.

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IN THE SENATE OF THE UNITED STATES

July 30, 2025

Mr. Moreno submitted the following resolution; which was referred to 
the Committee on Banking, Housing, and Urban Affairs

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RESOLUTION

Expressing the sense of the Senate that the Board of Governors of the 
Federal Reserve System and the Federal Open Market Committee should 
take immediate steps to lower interest rates to support economic 
growth, job creation, and affordability for American families and 
businesses.

Whereas high interest rates increase borrowing costs for American families, 
small businesses, and domestic industries, limiting access to affordable 
credit for home ownership, education, and entrepreneurial endeavors;
Whereas elevated interest rates contribute to higher costs for goods and 
services, placing financial strain on households and reducing consumer 
spending, which is a critical driver of economic growth;
Whereas lower interest rates can stimulate investment and economic activity, 
particularly in the housing, manufacturing, and technology sectors;
Whereas the Federal Reserve has a dual mandate to promote maximum employment and 
stable prices, and current economic conditions would benefit from a 
monetary policy adjustment to prioritize growth;
Whereas President Donald J. Trump has argued that the current Federal funds 
rate, targeted between 4.25 and 4.5 percent, is at least 3 percentage 
points too high, costing the United States approximately 
$360,000,000,000 per point annually in refinancing the costs for the 
national debt;
Whereas President Trump has stated that inflation is low and companies are 
increasingly investing in the United States, demonstrating that high 
interest rates are unnecessary to control price pressures and such rates 
hinder economic expansion; and
Whereas the Senate respects the independence of the Federal Reserve but 
recognizes its critical role in fostering a stable and prosperous 
economy for all Americans: Now, therefore, be it
Resolved, That it is the sense of the Senate that the Board of 
Governors of the Federal Reserve System and the Federal Open Market 
Committee should immediately take such actions as may be necessary to 
reduce interest rates, especially the Federal funds rate.
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