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US Rep Frank Wants More Public Debate On Monetary Policy January 3, 2007

Posted by notapundit in Congress, Economic News, Politics, US News.
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WASHINGTON (Dow Jones)– Incoming House Financial Services Committee Chairman Barney Frank, D-Mass., on Wednesday called for more public debate about monetary policy and said Democrats would block efforts to strip employment concerns out of the Federal Reserve’s mandate.

“We can debate the most fundamental questions in human existence, but God forbid anybody in elected office should talk about whether or not we need 25-basis-point increase in the Fed,” he said during a speech at the National Press Club. “Somehow, that is sacrosanct. No it isn’t, it’s public policy.”

Frank also said that Democrats would block efforts to change the Fed’s mandate from dealing both with stable prices and maximum employment to dealing only with stable prices.

“That’s not going to happen when we are in power,” Frank said. “And we can prevent that from happening.”

By Damian Paletta, Dow Jones Newswires

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