Pete Domenici: “I didn't think I ever voted on a resolution that told the Federal Reserve Board what to do in precise terms like…”

“I didn't think I ever voted on a resolution that told the Federal Reserve Board what to do in precise terms like, ``Lower the interest rates.'' The resolution that we adopted overwhelmingly was much more in the tone and tenor and words of what I recommended. It says: ``They should continue to take such actions as are necessary to achieve and maintain interest rates low enough to generate significant economic growth.'' Frankly, that is precisely what we ought to be doing. We ought to be saying take whatever action is necessary; we should not say to them that we are saying, as a matter of policy, you should lower the interest rates. We ought not do that to the Federal Reserve. It will not do anything but discredit them over the long run and add instability where stability is needed.”