Janet Yellen has been confirmed as the next Chairman of the Federal Reserve. She’s let it be known that she’s a big fan of QE forever, so don’t expect much to change. Ted Cruz released a statement saying he did not support the nomination and is calling for an audit of the Fed.
Cruz on Yellen: Printing Money is Dangerous, We Need to Audit the Fed
WASHINGTON, DC — U.S. Sen. Ted Cruz, R-Texas, today released the following statement on the confirmation vote for Janet Yellen to serve as Chairman of the Federal Reserve:
“We’re five years into the Federal Reserve’s quantitative easing program, and the economy is stuck in malaise. Printing money by the trillions is dangerous, and working people need real economic growth to get their lives back on track.
“Janet Yellen has said she intends to continue current Fed policy, which may help Wall Street but is leaving Main Street with higher prices for gas and food, near-zero interest rates for savers, and stagnation for small businesses that aren’t growing or hiring. Meanwhile, workers’ wages remain depressed and most households haven’t recouped their lost wealth from the recession.
“I’m also troubled that Ms. Yellen continues to oppose full transparency at the Fed–we need to audit the Fed now, so the American people can fully understand the scope and consequences of its recent extraordinary policies.
“For these reasons, I cannot support her nomination.”
56 senators voted to confirm Yellen, including almost a dozen Republicans. Only 26 voted against her, with many senators missing the vote due to the weather.