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Public Statements

Federal Reserve Transparency Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. WATT. I thank the gentleman.

Let me say, first, that this bill is not about sunshine and it's not about transparency. It is about dissatisfaction that some individuals have with the mandate that Congress has given to the Federal Reserve.

The gentleman who just spoke is absolutely right; They are supposed to deal with inflation. That's what we told them to do in their mandate. They're supposed to deal with unemployment. That's what we told them to do in the mandate we gave.

And some people over there are dissatisfied with the fact that--they don't want them to deal with unemployment. They don't want them to try to adjust and make changes that will be beneficial to our economy. And if they don't want that, they ought to just introduce a bill that repeals the mandate that we gave to them.

Don't come and say that we are talking about sunshine and transparency.

Every time I turn on the television now, I hear the Federal Reserve, Chairman Bernanke and members of the Federal Reserve, talking about how the economy is going. That is not lack of sunshine and lack of information. I thought we had dealt with this when Mr. Paul was the ranking member of the subcommittee and I was the chairman.

Mr. Paul's problem is he doesn't like the Federal Reserve. He is avowedly in favor of doing away with the Federal Reserve. That's an honest position. But don't come in and try to cloak it in the guise of this agency is not transparent or it lacks sunshine. If you don't like the mandate that they have, then have the guts to stand up and introduce a bill that says that we are doing away with the Federal Reserve.

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Mr. WATT. If you think we are in trouble now, if you get the politics and the Congress involved in transactions with foreign governments and the decisions about how we get ourselves out of this unemployment situation, if we have some answers about how to get out of unemployment, then I would assume we would come forward with them. And nobody on this floor of this Congress has done anything to take up an unemployment bill. So I'm glad we have the Federal Reserve over there at least trying to figure out how to make some adjustments in our economy that will deal with unemployment.

The last thing I want is for this Congress to be second-guessing--or an auditor that is not elected by anybody to be second-guessing--the decisions of the people who are on the Federal Reserve. An auditor might be a good accountant, he can count, but I want somebody on the Federal Reserve, and hopefully it would be nice to have some people in Congress who can make some decisions about how to deal with unemployment.

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