Nov 21 2013
“Sound monetary policy established by the Fed is critical for long-term investment and economic growth. Unfortunately, the arbitrary way in which interest rates and our currency have been treated, especially over the last few years, has created asset bubbles and financial uncertainty that limits our economic potential. In the long run, the Fed should publish and follow a clear monetary rule that will help provide greater stability about prices and what the value of a dollar will be over time.
“I appreciate the Senate Banking Committee’s work in vetting this nomination and asking important questions of Dr. Yellen during her confirmation hearing, which I’ve closely reviewed in deciding how to vote when her nomination reaches the Senate floor.
“While Dr. Yellen is an accomplished individual, I will be voting against her nomination to chair the Fed because of her role as a lead architect in authoring monetary policies that threaten the short and long-term prospects of strong economic growth and job creation. Altogether, she has championed policies that have diminished people’s purchasing power by weakening the dollar, made long-term savings less attractive by diminishing returns on this important behavior, and put the U.S. economy at increased risk of higher inflation and another future boom-bust.
“In light of all this and her inclination to support the Fed’s current accommodative policies, I don’t have the confidence that she is the best choice to lead this independent institution in the years to come.”