In response to today’s announcement by the Federal Open Market Committee (FOMC), Rep. Kevin Brady (R-TX), Vice Chairman of the Joint Economic Committee and senior member of the House Ways and Means Committee, released the following statement:
“It would have been a mistake for the FOMC to intervene further into the economy. A strong, sustainable recovery will occur only when the private sector is confident that Washington will not continue to spend, tax, and over-regulate it. Absent a Eurozone collapse, the Fed has effectively reached its limit on what it can do to spur employment. Our economic problems are not monetary problems but poor fiscal leadership from the White House.”
Rep. Brady is the sponsor of H.R. 4180, the Sound Dollar Act. The legislation would change the Federal Reserve’s mandate to a single price stability mandate in order best to foster long-term economic growth and job creation. The legislation would also require greater transparency by the Federal Reserve and impose restrictions on the Federal Reserve’s ability to allocate credit in the economy.