House Financial Services Committee Chairman Barney Frank criticized Republicans Monday for joining foreign central banks in recent attacks against the Federal Reserve Board.
"Debating American economic policy is one thing; joining in a broad attack by foreign central banks, who insist that America somehow must subordinate our own legitimate economic needs to their currency requirements, is quite another," said Frank, in a press release.
Last week, Republican congressional leaders sent a letter to Fed Chairman Ben Bernanke expressing deep concerns about the central bank's recent decision to buy an additional $600 billion in Treasury bonds. Former Republican administration officials and other conservatives also sent a letter calling for an end to the Fed program, known as quantitative easing.
Though Frank cited recent disapproving remarks by China and Germany, he said he was more specifically disappointed by the Republicans from previous administrations and members of Congress that "share the attack by these foreign banks not simply on the substance of the Federal Reserve's proposal but on the very notion that America has a right to give a primary focus to our own economic need for growth at this time."
