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January 13, 2006

Pryce Welcomes Bernanke Testimony

Chairman Inspires Confidence, Pledges Continuity

WASHINGTON, D.C.–Congresswoman Deborah Pryce (R-Upper Arlington), fourth-ranking member of the House Financial Services Committee and Chair of the Domestic and International Monetary Policy Subcommittee, today released the following statement upon the conclusion of the testimony from Chairman Bernard Bernanke of the Federal Reserve Board of Governors about the conduct of our nation’s monetary policy:

“Market economies are predicated upon predictability and stability, and I am pleased to hear Chairman Bernanke pledge to seek continuity with Chairman Greenspan’s successful approach to economic management – low, stable inflation, flexibility, and greater openness.

“By any objective measure, our economy is strong and getting stronger. The tax cuts enacted in May of 2003 continue to create jobs, enhance federal revenue, and incite economic growth. While federal spending and our national debt remain daunting challenges, Congress was recently successful in reducing our deficit by nearly $40 billion, and will continue to embrace measures that bring our books back into balance.

“This Congress is committed to sustained economic expansion, and it is evident that the new Chairman shares in or fervor to keep our economy robust, internationally competitive, and inclusive of all Americans.”

Highlights of America’s Economic Success:

    • In January, the economy created 193,000 jobs and since August 2003 more than 4.7 million jobs have been created.
    • In December, real consumer spending moved up 0.9 percent and increased 3.4 percent over the past year.
    • Manufacturing industrial production is up 3.8 percent over the past 12 months.
    • In 2005, the Nation’s real gross domestic product (GDP) grew 3.5 percent for the year, above the historical average.
    • In January, the unemployment rate fell to 4.7 percent – the lowest monthly rate since July 2001. This is lower than the average of the 1970s, 1980s, and 1990s.
    • The federal government ran a $21 billion budget surplus last month, the best January showing in four years, as tax receipts set records for the month.