The more the Federal Reserve Board does, the less responsibility Congress and the White House take for making the right fiscal decisions, Rep. Kevin Brady (R-Texas) said Tuesday during a House Financial Services subcommittee hearing on the Federal Reserve Board’s effectiveness.
Rep. William Lacy Clay (D-Mo.) asked Brady, who testified as a witness at the hearing, what the Fed and Congress can do to get people back to work.
“Currently the unemployment rate, according to the Labor Department, is 8.1 percent. What can the Federal Reserve and Congress do to put Americans back to work?” Clay asked.
The Federal Reserve Board “is trying to do too much,” said Brady, one of three congressmen to testify at the hearing.
Brady has introduced H.R. 4180, which is designed “to amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes.”