Today, Rep. John Campbell (R-CA), Chairman of the Financial Services Subcommittee on Monetary Policy and Trade, said the following about the statement released by the Federal Open Market Committee at the conclusion of their meeting:
"Despite the very slight pick-up in growth mentioned in the FOMC's statement, I remain concerned that the benefits of persistently low interest rates and continued asset purchases are flowing to areas of the economy that are not ultimately creating jobs. Meanwhile, the risks to the Federal Reserve, taxpayers, and the economy as a whole continue to escalate."
"Several markets that the FOMC directly or indirectly engages in are exhibiting signs of distortion, which is obscuring the ability for businesses and investors to accurately price risk. This is having the unintended effect of holding back necessary investment and job creation."
"The Federal Reserve is continuing its attempt to mitigate the effect of our record debt and deficit through unconventional and untested policy tools. This is not only blurring the lines between fiscal and monetary policy, but is also undermining the long-standing independence of our central bank."
"The Federal Reserve currently operates under a statutory 'dual mandate,' but it can best achieve low unemployment by focusing on price stability and encouraging long-term investment in our economy by allowing markets to transparently price risk."