Congressman Bill Pascrell, Jr. (D-NJ), a member of the House Budget and Ways and Means Committees, released the following statement regarding the Federal Reserve’s first increase of interest rates in nearly a decade:

"Today’s rate announcement by the Federal Reserve reflects growing confidence in the American economy. Our nation added 211,000 jobs in November. Home prices have risen steadily; unemployment is down to 5 percent; and we have stronger consumer confidence and stronger wage growth. Clearly, we are on the road to recovery. It is my hope that this action will benefit savers with higher returns on their investments. I remain concerned that this recovery will reach all Americans, and will continue to push the Congress to that end. For instance, my bipartisan proposal to extend a business tax credit to employers hiring long-term unemployed workers was included in the just-released tax and budget deal, which we hope will create jobs for those seeking to get back in the workforce. More work remains, and I hope the Federal Reserve will be sure to consider all Americans before making any future announcements."