Barney Frank Defends The Fed & is ‘Appalled’ By Republican CriticismSubmitted by bobbyw24 on Tue, 11/23/2010 - 08:53
Barney Frank, chairman of the House Financial Services Committee, said he’s “appalled” by Republicans who he said have sided with foreign central banks in criticizing Federal Reserve chairman Ben S. Bernanke.
“I was appalled to see a group of Republican economists from the Bush and Reagan administration” arguing against the Fed’s asset-purchase program. “Republicans are joining the central bank of China in attacking Bernanke. This is really distressing to me.”
Frank, who spoke in an interview today on Bloomberg Television’s “In Business with Margaret Brennan,” called the Fed program to purchase $600 billion in assets through June “a very reasonable thing” that isn’t fueling inflation, as Republican critics contend.