The complicity of the Federal Reserve in contributing to our economic woes is something many used to ignore, but perhaps one of my father’s greatest achievements as a Congressman was to bring this issue to the forefront. As we try to get through a partial government shutdown in which the President refuses to compromise or negotiate monetary policy remains at the heart of our economic crisis. A Federal Reserve completely dedicated to exorbitant printing and spending is a serious problem, and the fact that such policies don’t change from one chairman to the next indicates that it is a systemic one.
The system needs to change. The status quo is unsustainable and quite frankly, unforgivable. Whether it’s Congress, this President and especially the Fed—wanton fiscal recklessness seems to be the permanent economic policy of the United States.
I would like to hope that Yellen might be able to bring some sobriety to the Fed, but her performance to date mostly suggests that we will see more of the same policies. I look forward to an in-depth discussion in debating her nomination, but my ultimate decision will rest on her potential effectiveness in reforming that historically irresponsible institution.