Rep. French Hill, R-Ark., slams Democrats for their "crazy" economic theories as the Fed could be at risk of losing its independence, arguing "we’re going to lose our country" if progressives have their way.
REP. FRENCH HILL: I think Jay Powell has earned reappointment by Joe Biden. I think Jay Powell could be easily confirmed by the US Senate, but I'm concerned about the Fed lacking it, losing its independence and Lael Brainard the progressive choice.
As you suggest, there are also two other critical open positions on the Fed and Democrats support modern monetary theory, which means we can print as much money as we want and we can spend as much money as we want. And there are no consequences to the American taxpayer or the American citizen to that. That's crazy. I'm afraid if that goes into place, we'll be using the Fed as the Bank for American citizens.
As Professor Saule Omarova, the nominee for the Comptroller of the Currency, suggests that we all bank at the Fed and we do away with the banking system. You come buying that kind of attitude about the Fed is just another department of government and not the independent central bank. With this kind of fiscal stimulus, we're going to lose our country, lose our central bank independence and our country will be taken over by inflation and I think a socialist style banking system.
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