John McCain has spoken out against the Federal Reserve’s plans to bail out troubled financial institutions, saying it should "get back to its core business of responsibly managing our money supply and inflation."
Addressing supporters in Green Bay, Wisconsin, the Republican presidential nominee explained that the Fed "needs to get out of the business of bailouts" and return to fundamentals.
His comments come as President Bush asked Congress for the power to enact a $700 billion rescue plan to buy bad mortgage assets from banks – a proposal that has angered some taxpayers who wonder why their money should be used to help troubled companies.
In his Wisconsin speech, McCain also criticized vice presidential candidate Joe Biden for saying that wealthy people have a patriotic duty to pay more in taxes.
"Raising taxes in a tough economy isn’t patriotic. It isn’t a badge of honor. It’s just plain dumb," the senator said.
One aspect of McCain’s economic plans for the U.S. is to introduce a system to prevent financial institutions from hiding their bad practices from Washington.