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Black Disappointed with Federal Reserve's Announcement


Location: Washington, DC

Congressman Diane Black (R-TN), a member of the House Budget Committee and Ways and Means Committee, made the following statement in response to the Federal Reserve's announcement that it will launch a third round of quantitative easing.

"I am incredibly disappointed by the Federal Reserve's announcement that it will begin open-ended purchasing of bonds. The politicization of the Federal Reserve exposes its balance sheet to unprecedented risk and threatens future growth. As the last three and a half years have shown, printing more money is not the solution to our jobs crisis. The Federal Reserve's actions have and will continue to cause massive uncertainty and increase the risk of hyper-inflation," said Congressman Black. "Businesses large and small are paralyzed by the public policy uncertainty. This is a result of massive federal debt, the president's health care law, bankrupt entitlement problems and a looming tax cliff. Uncertainty stands in the way of job creation and economic investment not a lack of cheap money. Reviving our struggling economy and ensuring long-term prosperity requires entitlement reform, a flatter and simpler tax code and substantial deficit reduction."

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