John B. Taylor: “raising tax rates would be a terrible mistake at this point in time.”

The Congress, through the Banking Committee and the Financial Services Committee, is in a good position--in fact, it is a unique position in our Government--to oversee monetary policy in a strategic sense, not in a tactical sense.

Data certainly suggest that large institutions get this advantage and that it has increased since the financial crisis.

You don't increase taxes.

I think it would be a mistake based on the knowledge we have now about how central banks work, and how economies work, to change the dual mandate even when we are in recovery, I think it is the responsible and right thing to do.