"This is an affront to the Constitution which will be exacerbated if we transfer more power to the Federal Reserve without mandating that all its Governors be appointees of those who are elected by the..."
"It is absurd to have a government agency with this kind of power be the agency immune from such audits."
"No other industry has that much power to select its regulators."
"I find it rather fascinating that we are talking about where the regulations will go, whether it is going to be in the Fed or a new agency."
"I am concerned about the history of regulation. We don't have a real good record that regulations prevent problems."
"But when you prop-up policies that are bad, ultimately the consumer is hurt by these regulations because the market doesn't hold them in check."
"Right now, there is a big grass-roots effort by consumers, who are saying that the Congress has not fulfilled its responsibility in knowing exactly what the Federal Reserve does."
"I argue there is a real challenge to the consumer in two points. One, the consumer is always losing purchasing power."
"Inflation is a monetary issue and we just doubled the money supply in a short period of time."
"According to government statistics, but not according to the consumers. Private sources say that the consumer price index is much higher than what the government reports."
"I would hate to think of a scenario in which CRA responsibility and duties don't continue to reside over on the regulatory side also."
"I believe if we continue to do these things, continue to have stimulus packages and deficits, we are going to have crippling inflation."