Political Quotes

“last year, the Congress, with the participation of the American people, debated fiscal policy in a wrenching, crippling manner. We debated taxing policies and spending policies to try to find a way to reduce the Federal deficit, to lower interest rates, and to promote new jobs and economic growth. That debate lasted a long, long time. And we successfully passed by one vote the largest deficit reduction bill in history. Yesterday, and twice before in the last 2 rac{1}{2} months, the Federal Reserve Board took action to increase interest rates, to slow down this economy, and to thwart job creation. There were stark differences between the two actions. The deficit reduction bill was debated openly by Members of the House and Senate who are ultimately accountable to the American people. The Federal Reserve Board's actions were made in secret, behind closed doors, with no public debate and input. Yet the Federal Reserve Board is accountable to no one. Mr. President, the action by the Federal Reserve Board is an outrage. Yes, they have a right to do what they have done. It is the last policy dinosaur that exists in this country that operates secretly behind closed doors. Yes, they have the right to do that, but we ought to change things down at the Fed. And we ought to do it soon.”