Chuck Schumer: “It becomes more expensive for people to borrow.”

“That's what financial institutions do in times of uncertainty. They ratchet rates up to avoid a pitfall of some kind of downward decline that chaos often brings. It becomes more expensive for people to borrow. It makes it harder to own a home. It makes it harder to build more homes. It raises car payments, credit card payments, raises the price of almost anything.” (02:31–02:35)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.