Political Quotes

“Mr. President, the Senate is considering several of President Biden's picks to sit on the Board of Governors of the Federal Reserve. I have already voted against two of these nominees. I believe they all should be voted down by the Senate. Under its current leadership, the Fed has lost the trust of the American people and failed to uphold its role as an independent body. I have been clear about my disapproval of the Fed's policies, especially its massive and its still-growing balance sheet. Both now and throughout recent history, the Federal Reserve has been behind the curve and far too late in taking action to keep America's economy stable. Its policies to sustain and grow such a massive disproportionate growing balance sheet are a perfect example of its failure to properly manage the economic needs of our Nation. For years, I have asked--I have urged--Chair Powell and members of the Federal Open Market Committee to reduce the Fed's unprecedented balance sheet. Nothing has changed. Month after month, we have watched the Fed continue to purchase billions in treasuries and mortgage-backed securities. There is still no plan to wind down and right size the Fed's balance sheet, which today, sits at nearly 40 percent of GDP. Before the pandemic in 2019, the Fed's balance sheet assets totaled just under $4 trillion. Today, it is more than double to nearly $9 trillion dollars. That is more than 10 times the assets the Fed held in 2007, when the balance sheet was under $1 trillion.…”