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House Republicans Continue Drumbeat Against Fedís Role
WSJ ^ | 12/7/10 | Michael Crittenden

Posted on 12/07/2010 1:59:05 PM PST by FTJM

Top members of the incoming Republican majority in the U.S. House of Representatives continued to level broadsides against the Federal Reserve Tuesday, questioning its proper role in shaping U.S. economic policy.

Reps. Paul Ryan of Wisconsin and Indiana’s Mike Pence both repeated calls for an end to the central bank’s dual mandate to promote both jobs and maintain price stability. Members of Congress aren’t trying to encroach on the Fed’s independence, Pence said, but may have to take legislative action to change the Fed’s responsibilities.

“It’s time that the Fed focus solely on price stability and the dollar,” Pence said. He said the Fed’s plan to buy $600 billion in Treasury securities to goose the economy — generally known as “QE2″ — is an example of the central bank overstepping its bounds.

“QE2 is an example of what happens when the Fed involves itself too much in macroeconomic meddling,” Pence said.

The comments are the latest in a growing drumbeat of criticism leveled against the Fed, which has come under fire for its response to the financial crisis, continued high-levels of unemployment, and general economic uncertainty.

The Fed has increasingly sought to combat some of the criticism, with Fed Chairman Ben Bernanke giving a rare television interview on Sunday evening in an effort to speak directly to the American people. In the interview, featured on CBS’ “60 Minutes”, Bernanke warned that the economic recovery “may not be” self-sustaining, but pledged his “100%” confidence he could prevent runaway inflation.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: fed; pence; ryan

1 posted on 12/07/2010 1:59:09 PM PST by FTJM
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To: FTJM
Members of Congress aren’t trying to encroach on the Fed’s independence, Pence said

Why the kid-gloves with the FED? They are massively encroaching on OUR independence, after all.

2 posted on 12/07/2010 2:02:08 PM PST by PGR88
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To: FTJM

BTTT


3 posted on 12/07/2010 5:19:59 PM PST by FTJM
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To: PGR88

The sooner the public knows that the Fed Reserve is tied to international interests and as such was established to influence/control the USA economy, the sooner it might happen that our Congress will take action to keep it a monetary being. Of course, don’t count on this as long as there are on-the-take congresspeople and world money people like Soros and the Rothchilds.


4 posted on 12/07/2010 9:51:04 PM PST by noinfringers2
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To: PGR88

The sooner the public knows that the Fed Reserve is tied to international interests and as such was established to influence/control the USA economy, the sooner it might happen that our Congress will take action to keep it a monetary being. Of course, don’t count on this as long as there are on-the-take congresspeople and world money people like Soros and the Rothchilds.


5 posted on 12/07/2010 9:51:17 PM PST by noinfringers2
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