Jeb Hensarling: “Well, I thank the gentleman for his leadership on this. Again, I have portions of the act in front of me. The bill…”

“Well, I thank the gentleman for his leadership on this. Again, I have portions of the act in front of me. The bill stipulates: ``Nothing in this Act shall be construed to require.'' That is what the act says on a formal policy directive. ``If the Federal Open Market Committee determines that such plans cannot or should not be achieved due to changing market conditions.'' Again this is about communication. When we have an economy that is underperforming, where had we only had the average recovery in the post-war era every man, woman, and child in America would have $6,000 more, millions would be back to work, I think the American people deserve to ask some hard questions. This is such an incredible red herring with this argument on independence. Mr. Chairman, the Board of Governors have 14-year terms-- second only to lifetime appointments to the bench--14-year terms, independent funding of the congressional appropriations process. And so now we don't want them to answer some questions. Will their feelings get hurt if they are asked some tough questions by Members of Congress? Are they that delicate that they can't conduct monetary policy if in an open committee hearing they have to answer questions? I think the American people, Mr. Chairman, are saying: Give me a break. Mr. Chairman, I reserve the balance of my time.”