Treasury Dep’t Warns Congress against Politicking over Monetary Policy
The United States Federal Reserve, the country’s central bank, will continue to perform its mandate to promote full employment among the American people despite strong opposition from Republican lawmakers, the US Treasury Department said on Friday.
The United States Treasury Department on Friday warned Congress over politicking against the Federal Reserve policies and mandate, which aimed to promote full employment among the American people.
In a television interview, Treasury Secretary Timothy Geithner said that it is important for Congress to keep politics out of the monetary policies, particularly that promoting employment.
“The Congress should recognize this, it is them that established the Fed,” Geithner said, reacting to earlier statements of two Republican lawmakers.
It will be recalled that Senator Bob Corker and Representative Mike Pence, two of the most influential Republican lawmakers in the US, said that the Federal Reserve should drop the full-employment mandate and focus solely on the inflation that the country is facing.
The two lawmakers also criticized the Central Bank for its plan to buy another $600 billion worth of government bonds, in a hope to speed up the sluggish recovery process in the US.
But Geithner hit back on the lawmakers, said that the Central Bank’s dual mandate has served the US well over time, and that the Obama administration would oppose all efforts to change the mandate.
“People have enormous confidence in our capacity as a country to make sure that we are keeping inflation low and stable over time. We are going to make sure that, of course, the Fed is going to make sure it preserves that, and I would not, again, create expectations that we are going to alter the basic mandate,” the official noted.
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