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Senator Cramer Discusses Federal Reserve’s Policies, EPA’s EV Mandate on Fox Business

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BISMARCK – On Tuesday, U.S. Senator Kevin Cramer (R-ND), member of the Senate Environment and Public Works (EPW) Committee, joined Larry Kudlow, Steve Moore, and Taylor Riggs on Fox Business. They discussed potential Federal Reserve interest rate actions and the Environmental Protection Agency’s recent efforts to effectively mandate the transition from vehicles with combustion engines to battery-powered electric vehicles (EVs). Excerpts and full video are below.

On Inflation and Supply Chain Demand:

“It really gets to the point of what’s making this inflation so sticky. Energy prices, high energy prices, will add to the inflation of everything we grow, produce, manufacture, move from one place to another place, whether you’re receiving it or whether you’re sending it to another market. This is the direct result of bad public policy. The Federal Reserve cannot fix bad energy policy. You are seeing a growing demand around the world. You’re seeing a shrinking supply even though the United States, by the way as you've probably noticed, had a record production month […] It's still probably two, three, four million barrels below what it should be or what it could be once you bring prices down by increasing the supply, meeting the global market demand, but that wouldn't fit into the “everybody should have an electric vehicle in their garage” routine this administration [is] stuck with. It will always be confusing as long as [Biden] is the president.”

On the Federal Reserve Potentially Lowering Interest Rates:

“The Fed’s objectivity is already under some scrutiny for good reasons. There's been a lot of questions about just how independent the Fed really is. Remember, Fed chairmen are always a little different just before they're reappointed than after they've been reappointed. All in all, I think Jay Powell has done a pretty good job of trying to create this soft landing. I just think he's going to come up short, but you're exactly right. The worst outcome for the Federal Reserve would be to be perceived, because that perception can become reality, as tilting the scales in favor of one side or the other in this next election. That’s an additional factor for their consideration.”

On the Biden Administration’s EV Mandate:

“The [EV] model is broken because even with big subsidies, only rich people can buy an electric vehicle, and that's not very many people. They don't work worth a hoot in places like North Dakota, we don't have a grid that can energize them, we don't have enough transmission, we don't have enough generation, and we're closing all the efficient power plants in the country. It's so upside-down and so screwed up that Donald Trump can’t get in the White House fast enough.”