Connie Mack: “I, too, have questions about the Fed's operation of monetary policy. I've been concerned for a long time that the Fed…”

“I, too, have questions about the Fed's operation of monetary policy. I've been concerned for a long time that the Fed, despite its independence, was forced to meet more policy goals than it is capable of meeting. In fact, Chairman Greenspan has told me in a public hearing that the Humphrey Hawkins Act forces the Fed to act in such a way that he believes is not in the long-term best interest of American jobs and the economy. For this and other reasons, I plan to hold hearings in both the Joint Economic Committee and the Banking Committee to examine amendments to Humphrey Hawkins. The Senator from North Dakota will, I'm sure, be very interested in changing Humphrey Hawkins because such changes should keep interest rates much lower than we have been used to. We ought to save this debate for a few more weeks and not delay passing the unfunded mandates bill. I can assure the Senator from North Dakota that the issue of monetary policy will be aired fully.”