“While Americans, including elected officials, may freely express their opinions about the Federal Reserve’s actions, political interference in the independent conduct of monetary policy is wrong”.
“Instead, Congress should focus its attention on what it should control. In the context of monetary policy, that means giving the Federal Reserve the right mandate. Creating a stable economic environment by avoiding both inflation and deflation is the best way for the Federal Reserve to promote long-term economic growth and job creation.”
“Of course, with independence comes accountability. Congress should hold the Federal Reserve accountable for achieving its mandate.”
“I am not particularly optimistic that the FOMC’s decision to swap $400 billion in shorter term treasuries for those with longer maturities will achieve the stated objectives. When the Federal Reserve engaged in a similar operation in the 1960s, it had minimal effects. I hope this action is not a back-door enabler of the irresponsible fiscal policies of this Administration.”