ICYMI: Lucas Talks Soaring Inflation, Monetary Policy, & Biden Admin Weaponizing Financial Regulators

Washington, DC – Last night, Congressman Frank Lucas (OK-03) joined Bloomberg Radio’s Sound On to discuss rising inflation, the Federal Reserve’s monetary policy, and the Biden Administration’s use of financial regulation to advance a social agenda on climate change.


Bloomberg Sound On       

Click here to listen to the full interview.


On inflation:

I think Joe, we have to look at is BBB really paid for? We have to look at how is Treasury and the Fed going to respond to this dramatic increase in the debt ceiling? I mean, when we went from $20 trillion, at the beginning of COVID, to $29 trillion national debt now. That’s a huge amount of money pumped out into the economy- of course you’re going to have inflation.

But Joe, you can’t continue to create money, you can’t continue to pump up public debt forever. This has to come to a stop. In what fashion we get there? I do not know. I was a young farmer in college in the days of Mr. Volker under Jimmy Carter, and then Ronald Reagan. I remember paying 17% to buy cow feed when I was over collateralized. It is very, very stressful on the economy. And the bottom line is, how do you make sure that the capital markets can make rational decisions to allocate resources? Inflation distorts all of that. In many ways reminiscent of how the Biden Administration is trying to use regulatory forces to change how we produce and consume energy. This track we’re on- we have to get back to reality pretty soon.

On Biden Administration weaponizing financial regulators:

“I’m an old school fella. I believe that the market economy is the best way to allocate resources. I believe interference from the federal government is how we create bad situations that are sometimes destructive beyond belief. I would like for the Administration to step back from this desire, energy in particular right now. When they can’t pass bills to turn off certain forms of energy and they can’t get their own Majority to pass bills to tax those forms out of existence, they want to use regulatory processes to say to industry, ‘You have to pretend that this is a bad decision.’ That’s distorting, that’s distorting the market.”



Recent Posts

Jun 17, 2024
National Security

Lucas Votes for NDAA on 249th Birthday of U.S. Army

Washington, DC – Congressman Frank Lucas (OK-03) released the following statement after the U.S. House of Representatives passed the FY25 National Defense Authorization Act (NDAA). Lucas voted in favor of the legislation.   “Today, on the 249th birthday of the U.S. Army, House Republicans fulfilled our duty to support America’s servicemembers and bolster our national security. Not only […]

Jun 3, 2024

Lucas Statement on Farm Bill

Washington, D.C. – Congressman Frank Lucas (OK-03) released the following statement after the House Committee on Agriculture completed its markup of the next Farm Bill: “I applaud Chairman Thompson for completing the gargantuan task of passing this Farm Bill out of Committee. As a former Chairman of the House Ag Committee, I know firsthand just how […]

May 16, 2024

Lucas: Basel Endgame Will Penalize Central Clearing

Washington, D.C. –  At today’s House Financial Services Committee hearing, Congressman Frank Lucas (OK-03) questioned FDIC Chair Gruenberg and Federal Reserve Vice-Chair Barr on the consequences of the Basel Endgame proposal. Specifically, Congressman Lucas brought to attention his concern that the Basel requirements will constrain the capacity of banks to offer central clearing. He has previously pressed this […]