Tom Harkin: “But maybe this debate does show some fundamental differences. For example, we are for openness. We believe the Federal…”

“But maybe this debate does show some fundamental differences. For example, we are for openness. We believe the Federal Reserve ought to meet in the open, that it shouldn't meet in private. We believe transcripts ought to be made available to the public sooner than they are. Of course, we believe in lower interest rates. We want open meetings and lower interest rates, and the other side wants private meetings and higher interest rates. Perhaps that is really the fundamental difference we are talking about. I say it only tongue in cheek. But it does, I think, really say what this is all about. That is whether or not we are going to have some more accountability and openness in the Federal Reserve rather than what we have had in the past. Its decisions affect every American's life. It affects all of us. This recent interest rate increase today, as the Senator from North Dakota said, is a tax on all Americans. We are all going to pay for it.”