U.S. Senator Bob Corker, a member of the Senate Banking Committee, Thursday made the following statement in response to the Federal Reserve’s announcement today after a meeting of the Federal Open Market Committee.
“I’m disappointed in the Federal Reserve’s actions today and truly believe Chairman Bernanke is beginning to do serious damage to the Fed as an institution. Open-ended purchases of mortgage-backed securities will politicize the Fed and add substantially to its balance sheet risks, but it will not help our economy’s long-term growth prospects,” said Senator Corker.
“Business leaders all over the country tell me that economic growth is being impaired by public policy uncertainty – mostly driven by the implications of our massive debt – not by a lack of cheap money. To get this economy really moving we need true fiscal reform that includes pro-growth tax reform, a long-term plan to restore solvency to Social Security and Medicare, and dramatically lowers the deficit.”