Republican lawmakers are balking at President Obama’s choice of Federal Reserve chairman, Janet Yellen, worried she will favor enhanced government intervention in the economy, including flooding the market with more dollars. A review of her previous work finds she divined a theory that was a precursor to the current progressive campaign for the government to ensure “fair” pay to employees. Yellen’s confirmation in the Democrat-controlled senate is all but a certainty after she was approved by the Senate Banking Committee 11 days ago. Sen. Marco Rubio, R-Fla., announced he plans to vote against Yellen, citing fears she will enact policies to the detriment of long-term economic growth. “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,” Rubio said in a statement. “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,” he concluded. Sen. Rand Paul, R-Ky., wrote in Time magazine the Federal Reserve “needs to be reformed to prevent Yellen, or any other future nominee, from using the enormous power of the Fed to aid and abet the allies of big government.” More
Posted on: Mon, 02 Dec 2013 05:56:44 +0000
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