WASHINGTON – House Republican Conference Chairman and Financial Services Committee Vice Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the Federal Reserve’s announcement of additional monetary stimulus.
“There is no clearer indication than today’s Fed action that after 3 ½ years, the president’s economic policies continue to fail.
“The president has already benefited from the largest monetary stimulus in our history and it just became larger.
“It is regrettable that the president’s failed policies have compelled the Fed to take further unprecedented action to expand the monetary base.
“At a time of negative real interest rates and trillions in excess reserves, there is little which monetary policy can achieve today to promote economic growth and much the Fed risks by today’s announcement.
“What is harming jobs and economic growth is the president’s constant threat of tax increases, a record debt of more than $16 trillion, and an avalanche of job-harming regulations ready to smother our economy.
“There are limits to what monetary policy can achieve, and it’s clear the Fed has reached them.”