Sep 16, 2015
the staff of the Ridgewood blog
Ridgewood NJ, Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement as the Federal Open Market Committee (FOMC) begins their September meeting:
“As the ridiculous amount of attention on this week’s FOMC meeting proves, the performance of our economy and the financial markets is increasingly dependent on a group of unelected bureaucrats at the Federal Reserve. Chair Yellen and her predecessors claim that the Fed’s monetary policy decisions are based upon objective criteria, yet traders, lenders, economists, and other market participants anxiously wait to probe and dissect every word in the FOMC statement.
“There is a problem when more Americans are looking to a secret Fed meeting for economic indicators than the actual financial markets. We need to scale back the undue influence that the Federal Reserve and other central bankers have on our economy by following what has worked in the past: a rules-based monetary policy that fosters greater certainty and leads to longer periods of sustained economic growth.”
