Richard Shelby actually said...

"Madam Chair, we have talked about this privately before, but does the Fed still use the Phillips rule in a lot of its deliberations?"

"Instead of working to strengthen our economy and to bolster the financial system safeguards, some Republicans want to unleash the forces that almost destroyed the economy in the first place."

"So talk to me about what needs to be done at the Fed and elsewhere to address long-term unemployment and to foster policies that transform economic growth into growth for hardworking families."

"I believe the Fed should be independent, but I do not think that you are totally independent."