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Virginia subcommittee hears Fed Richmond on tariffs, federal workforce and regional exposure
Summary
The newly created special joint subcommittee on federal impact of resources heard a presentation from Sonia Waddell of the Federal Reserve Bank of Richmond outlining a modest slowdown in growth, inflation progress, and risks from tariffs and reductions in federal workforce and contract spending concentrated in Northern Virginia and Hampton Roads.
Senator Louise Lucas, chair of the Special Joint Subcommittee on Federal Impact of Resources, convened the panel in Richmond for its first meeting and invited Sonia Waddell of the Federal Reserve Bank of Richmond to present an economic baseline and highlight risks tied to federal policy.
"We created this special subcommittee so that we can assess how changes in federal policy, grant funding, and employment may affect the Commonwealth's resources and our ability to deliver services to Virginians," Lucas said when opening the session. She announced the subcommittee will next meet May 20 in Northern Virginia.
Waddell told the panel that, on balance, the national and Virginia economies have remained "remarkably resilient," but she flagged several near-term risks that could reduce growth or raise costs for Virginians. She noted the Federal Open Market Committee's median forecast for 2025 GDP growth of about 1.7% and described labor-market and inflation developments that together point to a…
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