Today, U.S. Senator Tom Coburn, M.D. (R-OK) Ranking Member of the Homeland Security and Governmental Affairs Committee and member of the Banking, Housing and Urban Affairs Committee released the following statement on Janet Yellen's nomination to serve as chair of the Federal Reserve:
"I am supporting Janet Yellen's nomination because she is unquestionably qualified to serve as the next chair of the Federal Reserve. My support of her, however, is in no way an endorsement of the Federal Reserve's risky quantitative easing policy. Unfortunately, the Federal Reserve has attempted to fill a leadership and policy vacuum that has been created by an administration and Congress that has refused to address our economic challenges and implement pro-growth economic policies. Yet, I'm concerned quantitative easing will only create new asset bubbles and will serve as a bailout for politicians who don't want to make hard choices.
In the future, the Federal Reserve's decisions will be dictated by pragmatism rather than ideology for the simple reason that we can't operate indefinitely on borrowed or printed money. Yellen will be well-suited to navigate the treacherous waters ahead."