Tom Harkin: “I appreciate the position the majority leader is in. Quite frankly, I think that the occasion of considering a couple of…”

“I appreciate the position the majority leader is in. Quite frankly, I think that the occasion of considering a couple of nominees to the Federal Reserve Board of Governors should be a time of some debate and some discussion on the Senate floor as to the Fed policy and to the direction the Fed has taken. Again, I do not need to remind the majority leader of this. He knows full well there seems to be so many people who think the Federal Reserve is some great Federal agency that is not beholding to the Congress. I keep pointing out it is a creature of Congress. It is not a constitutional entity. It is a creature of Congress and by law we have the right and I think the constitutional obligation to oversee the Federal Reserve, obviously to pass judgment, to advise and consent on nominations but also to give guidance and direction as to what their policy ought to be. And I think that these nominees deserve to have some discussion and debate.”