Political Quotes

“Mr. Chairman, I rise today in support of the much-needed Fed Oversight Reform and Modernization Act. Minnesotans, like Robert from Becker and Kevin from Elk River, are correct in that the Fed is an ineffective and isolated government bureaucracy that is out of touch with the common man and the long-term needs of the American people. Yes, quantitative easing may have been a boon for a few. However, three rounds of this reckless tactic have inflated the Fed's balance sheet to more than $4.5 trillion, threatening the economic stability of our Nation and the American Dream for many. Equally problematic is the secrecy surrounding the Fed's discount window operations, open market operations, and agreements with foreign governments, which prevent market actors from knowing the information they need in order to prudently invest in the future. In the past, Congressman Ron Paul led the charge against the Fed with his Audit the Fed bill. Today we are building upon his legacy legislation. I would like to thank my colleague, Congressman Huizenga, for introducing the Fed Oversight Reform and Modernization Act. Not only does this new legislation include Audit the Fed, but it also requires the Fed establish a monetary policy rule that will enable us to have a better idea of where the Fed is likely to move monetary policy. Additionally, the bill limits taxpayers' exposure to bailouts by responsibly tightening the Fed's emergency lending authority.…”