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Republicans Tell Federal Reserve To Sit On Its Hands

September 21, 2011 by  

WASHINGTON, Sept. 21 (UPI) — Republican leaders in Washington said in a letter to U.S. Federal Reserve Chairman Ben Bernanke it was not the time to add any stimulus to the economy.

The Fed’s Open Market Committee is in a two-day monetary policy meeting that began Tuesday and ends Wednesday afternoon. The letter from four party leaders in Washington was sent to Bernanke Tuesday evening, The New York Times reported.

The letter from Senate Minority Leader Mitch McConnell, Senate Republican Whip Jon Kyl, House Speaker John Boehner and House Majority Leader Eric Cantor says, “We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy.”

The Fed has described several steps it could take to add stimulus to the economy, which could be announced at 2:15 p.m., when the meeting adjourns.

Some believe the Fed will take action to prop up a badly stumbling economic recovery.

“I just don’t think the Fed will sit idly as momentum fizzles in this recovery,” Credit Suisse economist Dana Saporta told the Times.

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