U.S. Senator Tom Coburn, M.D. (R-OK) released the following statement today after voting for the confirmation of the chairman of the Federal Reserve, Ben Bernanke.
"During these times of financial uncertainty it is important to maintain stability at the Federal Reserve. Given the ideological bent of this Congress and administration, the country will be better off with Chairman Bernanke staying at his post," Dr. Coburn said.
"I was disappointed that many in Congress attempted to blame Chairman Bernanke for their own lack of foresight and fiscal discipline. It was Congress, not the Federal Reserve, that inflated the housing bubble by enabling questionable lending practices and it is Congress that continues to borrow and spend far beyond our means. Our excessive borrowing, addiction to earmarks and total refusal to reform entitlements or cut spending is doing far more to undermine the health of our economy than the alleged offenses of Chairman Bernanke," Dr. Coburn said.
"Still, I recognize that many of my colleagues did have good faith concerns and were not simply trying to shift blame. I agree with those who believe Chairman Bernanke must bring greater transparency and accountability to the Federal Reserve. I spoke with Chairman Bernanke about this matter personally and I am a cosponsor of legislation S. 604, the "Federal Reserve Sunshine Act of 2009' which would allow a thorough and reasonable audit of the Federal Reserve," Dr. Coburn said.