Congressman Bachus welcomes fed action to reduce interest rate paid on reserve - WSFA.com Montgomery Alabama news.

Congressman Bachus welcomes fed action to reduce interest rate paid on reserve

Congressman Spencer Bachus Congressman Spencer Bachus

WASHINGTON, D.C., (WSFA) -- Congressman Spencer Bachus (AL-6), Ranking Member of the House Financial Services Committee, applauded the Federal Reserve action to lower the interest rate they pay on required and excess reserve balances.

Ranking Member Bachus said, "Last week I wrote to the Federal Reserve asking them to reexamine their policy because of my concern that it may be discouraging banks from lending.  The action to lower the interest rate paid on reserves is an important step that will encourage banks to get capital off the sidelines and into the game. It is my hope that this change in interest rate will help get banks to stop hoarding cash and start lending again." 

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