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


Feb 20, 2024
Agriculture

Lucas: USDA fails to deliver support to Oklahoma farmers.

Washington, DC – At today’s House Agriculture Committee hearing, Congressman Lucas questioned Secretary of Agriculture Tom Vilsack over the Biden Administration’s failed Emergency Relief Program (ERP). Congressman Lucas noted that producers in Oklahoma were feeling the negative affects of the ERP 2022 program. Secretary Vilsack questioned this claim, prompting Congressman Lucas to defend his constituents. Click here or […]



Feb 6, 2024
Economy

Secretary Yellen Dodges Basel Endgame Questioning

Washington, DC – Today, Congressman Lucas followed up with Secretary Yellen on whether Treasury has discussed the impact of the Basel Endgame proposal with the Federal Reserve. When asked a straightforward question on the detrimental impact of the proposal, Secretary Yellen had no answer. February 6, 2024 Lucas: “Are you concerned that the proposal will undermine the […]



Feb 6, 2024
Press

Lucas to Hold February Town Hall Meetings

Yukon, OK – Congressman Frank Lucas (OK-03) will hold town hall meetings in Caddo, Kiowa, Jackson, and Roger Mills Counties this week. Residents around the locations are invited to attend and share their thoughts on current events in Washington, D.C. and across Oklahoma. The following town hall meetings were originally scheduled for last fall, but were […]