Press Releases

Washington, DC – Yesterday afternoon, Congressman Bill Huizenga (MI-02), Chairman of the Subcommittee on Monetary Policy & Trade, delivered the Sunday Video Message for the Republican Majority on The State of the Economy and The Federal Reserve.  In the address, Chairman Huizenga focused on the lack of accountability and transparency at the Federal Reserve.  To view the two minute video message, simply click play below:

Transcript:

Hi, I’m Bill Huizenga and I serve as the Chairman of the Monetary Policy & Trade Subcommittee for Financial Services. This past week we heard from Fed Chair Janet Yellen on the state of the Federal Reserve System. Last Congress, we conducted a Federal Reserve Centennial Oversight Project where we examined the Fed’s actions over the last 100 years of its existence. It became clear to me and many others that the Federal Reserve has gone above and beyond its original mission statement. In fact, since the enactment of Dodd-Frank, the Federal Reserve has gained unprecedented power, influence, and control over the financial system, while remaining shrouded in mystery to the American people and frankly to Congress.

Additionally, given the interconnectedness of the global financial system, there is no doubt that the Federal Reserve’s monetary policies have significantly impacted the international markets and foreign economies. I’m concerned how the Fed’s decisions are influencing other central banks such as in Europe and Japan.

Needless to say, the Fed’s recent high degree of discretion and its lack of transparency in how it conducts monetary policy demonstrate reforms are needed. Likewise, I’m also concerned that the Fed’s regulatory policies and the development of these policies are in desperate need of transparency. Simply layering one uncoordinated mandate on top of another, without examining the impact on hardworking American families and small businesses is just unacceptable and it hurts Main Street.

The Federal Reserve has proven time and time again that its government knows best approach – that it has been pursuing - doesn't hold the cure for what ails our economy. Not only are innovators, entrepreneurs, and job creators uneasy to invest because of the environment created by this failed framework, hardworking middle class families are paying the price too. It’s time we restore certainty as well as fiscal responsibility.

We must lift the veil of secrecy and ensure that the Fed is accountable to the people’s representatives. It's time to bring the Federal Reserve out of the shadows and provide hardworking taxpayers with a more open and transparent government. The American people deserve that.