Bloomberg: In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.”
Mnuchin’s answer was crafted carefully.
“The Federal Reserve is organized with sufficient independence to conduct monetary policy and open market operations,” Mnuchin responded to Senator Bill Nelson, a Florida Democrat. “I endorse the increased transparency we have seen from the Federal Reserve Board over recent years.”
The response appears to lean against legislation such as the Fed Oversight Reform and Modernization Act of 2015, or FORM Act, which was introduced in the House of Representatives but never became law, that would have subjected the central bank’s monetary policy decisions to greater congressional scrutiny.
As a candidate, President Donald Trump took aim at the Federal Reserve for playing politics, challenging its legitimacy as an independent institution. He accused the central bank of keeping interest rates low to benefit Barack Obama’s administration.
Mnuchin’s comments are “certainly endorsing the principle, if not every current detail of the practice of Fed independence,” said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. “He does not want to make waves at this stage.” MORE
Vote no!
I have stated, that I am a slave to the debt of the state.
The FED and the tax and spend government are my Masters.
I am often been told that I should be grateful as inflation has been held in check and the loan percentage for borrowing money remains low.
Yet the purchasing power of the dollar has been in steady decline. While the debt of our Nation has elevated to the point of insolvency.
Steadily increasing numbers of home foreclosures, jobless, homeless and dependency upon the government for food, water, fuel, heat, clothing, childcare, education, heath care and housing.
A never hesitant revolving cycle of taxing, spending, printing more money and increasing an insurmountable National Debt.
With a never ending downward spiral of the purchasing power of the US Dollar further compounding the problems faced by the working middle class.
Yes, a slave to the state wearing financial shackles replacing the iron shackles of old.
Yes, I’d say it is time for an audit, to review the monetary policies, decision making of the FED and its very existence.
Congress and the FED’s solution, print more paper dollars, further increasing our debt and debasing the value of our currency with absolutely no transparency given the citizens.
The Fed must be separated from being politicized, there should be absolutely no influence from any of the 3 branches. However, I do believe that since The Fed works for the people and the government as a whole. It must provide full transparency of the actions it takes so that we, the benefactors, have a clear understanding of The Fed’s ability to continue working for US.
“Mnuchin’s answer was crafted carefully.” Whoever is coaching Trump’s nominees is a genius. I have noticed similar nebulous answers by others when being grilled by the dems, but they are too stupid to see through it.
If he doesn’t want to audit the fed then build a wall around it and make them pay for it with their own money!
Looks like they may have misplaced a vowel in Munchin’s name.
🙂
Oh – and get rid of DHS!! They are a rogue agency now trying to take away States’ rights.
end the fed