On the recordSeptember 21, 2011
this morning we learned that the Republican leaders of the House of Representatives and the Senate have done something which may be unprecedented. We are searching for some example in the past when this has occurred, but we have learned today that the Republican leaders of both the House and the Senate have sent a letter to Federal Reserve Chairman Ben Bernanke ahead of the central bank's 2-day meeting that begins today. That letter to Chairman Bernanke from the Republican congressional leaders instructs him as to what they should try to achieve during their 2-day meeting. A former Commissioner of the Federal Reserve said this is outrageous; that an independent agency such as the Federal Reserve, which is operated with independence of political impact and political pressure over the years, would now be receiving direct political communications from the Republican leaders. What is the message from the Republican leaders to the Federal Reserve? The message is, don't lower interest rates. I don't know if Senator McConnell, Senator Kyl, Speaker Boehner, or Congressman Cantor have been home lately. But if they have been home and met with local businesses, small businesses, they will have learned very quickly that it is very difficult for them to borrow money to sustain and expand their businesses and to hire more people.…
