A Quote by Janet Yellen
In 2006, the Congress had approved plans to allow the Fed, beginning in 2011, to pay interest on banks' reserve balances. In the fall of 2008, the Congress moved up the effective date of this authority to October 2008.
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The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008.
The NSA has broken privacy rules or overstepped its legal authority thousands of times a year since Congress gave it broad new powers in 2008.
I was in Iraq in the worst period, 2006, but from 2006 to 2008, and especially through 2011, the American military and the government of Iraq made huge strides in making that country a source of stability with a relatively representative government that was seeking pluralistic engagement from all the factions within the government.
I went through two pretty dark years being fed up with the system and frustrated with my own party after two disastrous elections in 2006 and 2008.
Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.
If the Federal Reserve pursues a policy which Congress or the President believes not to be in the public interest, there is nothing Congress can do to reverse the policy. Nor is there anything the people can do. Such bastions of unaccountable power are undemocratic. The Federal Reserve System must be reformed, so that it is answerable to the elected representatives of the people.
With 450,000 U. S. troops now in Vietnam, it is time that Congress decided whether or not to declare a state of war exists with North Vietnam. Previous congressional resolutions of support provide only limited authority. Although Congress may decide that the previously approved resolution on Vietnam given President Johnson is sufficient, the issue of a declaration of war should at least be put before the Congress for decision.
QE and other aspects of Fed policy increased inequality pretty significantly. This is reinforced if you take into account all the other non-standard measures the Fed used to bail out the banks early on in the [2008] crisis.
The National Security Agency has broken privacy rules or overstepped its legal authority thousands of times each year since Congress granted the agency broad new powers in 2008, according to an internal audit and other top-secret documents.
The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.
If Congress wanted to intervene with the Federal Reserve, well, we created the Federal Reserve. We could uncreate it. But would you want Congress regulating the money supply? We'd have drowned in inflation, or gone bankrupt, decades ago.
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
Any deal that's not approved by Congress won't be accepted by Congress. Not now and certainly not in the future.
The Constitution, in addition to delegating certain enumerated powers to Congress, places whole areas outside the reach of Congress' regulatory authority. The First Amendment, for example, is fittingly celebrated for preventing Congress from "prohibiting the free exercise" of religion or "abridging the freedom of speech." The Second Amendment similarly appears to contain an express limitation on the government's authority.
As a member of Congress, I believe Congress must provide oversight of actions by the Executive Branch as our system of checks and balances requires.
One thing I will not compromise over is whether or not Congress should pay the tab for a bill they've already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic.
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