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Bad Monetary Policy No Replacement for Obama's Failed Economic Policy


Location: Washington, DC

On Thursday the Federal Reserve announced that it would engage in another round of monetary stimulus by buying $40 billion in mortgage-backed securities every month until the end of 2012. This is in addition to $45 billion in other bond-buying activities. House Budget Committee member Congressman Tim Huelskamp released the following statement in response to the Fed's actions:

"Bad monetary policy will be no better replacement for Obama's failed economic policy. I share the same 'grave concern' that Fed Chairman Bernanke has about unemployment, but QE3 is just more of the same -- and likely with the same result. With the private sector sitting on trillions of dollars worth of capital, there is plenty of capital available for American entrepreneurs. But, it's not moving because investors are nervous -- and rightly so. Tax uncertainty, ObamaCare, and regulatory overload from this Administration, coupled with out-of-control spending in Washington, has many Americans concerned about the future for prosperity in America."

The House of Representatives has passed several pieces of legislation to foster certainty in the economy, including, but not limited to: an extension of the Bush-Obama tax cuts, a path for fundamental tax reform in 2013, repeal of ObamaCare, and budgets that reduce deficits and scale back the pace of new debt. Congressman Huelskamp has also introduced legislation to make permanent the Bush-Obama tax cuts.

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