Representative Bryan Steil (R-WI), Chair of the House Administration Committee and member of the House Financial Services Committee, says while he hopes to see lower interest rates in the near future, the Fed must remain "data-driven, not politically-driven" in its decision making. He highlights the inflationary impact of elevated energy prices, saying supply constraints tied to tensions in the Persian Gulf and Strait of Hormuz are driving costs higher, while expressing hope a resolution with Iran will help "unlock" oil flows. He also expresses optimism Congress can pass stablecoin legislation as soon as July to boost consumer protection and US competitiveness, and backs increased security funding for the president amid rising threats. He speaks with Joe Mathieu on Bloomberg's "Balance of Power: Late Edition," live from The Milken Institute Global Conference in Beverly Hills, California.