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Public Statements

Senator Roberts Supports "Audit the Fed Bill"

Statement

By:
Date:
Location: Washington, DC

U.S. Senator Pat Roberts today released the following statement: "Last week, responding to weak economic reports, the Federal Reserve announced a new push to inject money into the U.S. economy. While it's clear the nation continues to suffer from high unemployment and a lack of confidence that the economy will begin to grow any time soon, I am very concerned about the Fed's actions. This is the Fed's third attempt to spur growth and hiring since the financial crisis began in 2008. Clearly, these measures haven't worked. The Fed's unsuccessful actions, which dampen interest rates, are hitting savers and folks on fixed incomes now. These actions could have disastrous effects in the longer term, creating inflation at a time when all our pocketbooks are stretched thin. "I am getting worried that the Fed's actions, free from congressional review and oversight, are heading us to yet another financial cliff. If we go over the cliff, I assure you the landing won't be soft. That's why I am co-sponsoring my colleague Rand Paul's 'Audit the Fed' bill, S. 202. Like Senator Paul, I believe the Fed must be subject to the strongest oversight possible. In 2010, I supported legislation to extend audit authority over the Fed. That provision, however, included a loophole. 'Audit the Fed' will close this loophole, subjecting the Fed to full congressional oversight of its action, including the steps announced last week to pump more money into the economy. The time is long-passed for Congress to be able to get the full picture on the Fed's economic actions."


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