Rob Woodall: “I have the Federal Reserve on my mind this morning. You can't really get through the Federal Reserve in 5 minutes, Mr.…”

“I have the Federal Reserve on my mind this morning. You can't really get through the Federal Reserve in 5 minutes, Mr. Speaker, but I wanted to start down the road today because I saw a headline Bloomberg reported to say that what had been intended to be the beginning of an unwinding of a Federal Reserve balance sheet wasn't going to occur in the timely fashion that had been intended. This was news to me, based on what we have seen in the Budget Committee. I have with me this morning the Federal Reserve Act authorization. Folks often wonder where the Federal Reserve comes from. The truth is it comes from the Federal Reserve Act. I point to section 2A, ``Monetary policy objectives.'' Its says that: The Board of Governors of the Federal Reserve and the Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long-run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. Now, I know there are some high school economic students out there who are thinking: Hey, wait a minute. Can you really promote stable prices, maximum employment, and moderate long-term interest rates with the same set of policies?…”