Sadly, however, economic growth and job creation is lagging under President Obama.

My goal, as Vice Chairman of this Committee, is to ensure that America has the strongest economy in the world throughout the 21st Century.

If President Obama had the same growth rate of private sector jobs as President Reagan enjoyed, we would have over 6½ million more jobs today.

Under President Obama, the average real GDP growth rate has been 2.4% over the 11 quarters following the recession.

Sadly, however, economic growth and job creation are lagging under President Obama.

For America to continue its preeminence in the global economy, it is important that we get the role of the Federal Reserve right.

The answer is yes, and your question, in some regards, addresses Mrs. Maloney's question, which is under a single mandate, focused on the purchase power of the dollar, could the Fed intervene in times of emergency?

Unfortunately, both Republican and Democrat Administrations related to the Fed have used that, in effect, to circumvent the power of Congress.

Congress holds the constitutional responsibility for monetary policy.

I think the legislation to change the dual mandate and focus on price stability, which is in Congressman Brady's bill, and also in Congressman Pence's bill, would help in this regard.

Inflation has been called many things, a hidden tax, a government-sponsored reduction in workers' paychecks or, as Dr. Paul often says, theft.