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Kucinich Calls QE2 Hearing
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Candidate
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| Contributor | Craverguy |
| Last Edited | Craverguy Nov 23, 2010 05:03pm |
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| Category | News |
| Author | Patrick O'Connor |
| News Date | Tuesday, November 23, 2010 10:45:00 PM UTC0:0 |
| Description | Rep. Dennis Kucinich, a consistant critic of the Federal Reserve, has scheduled a hearing next week to investigate the central bank’s latest round of debt buying, giving the Ohio Democrat an official forum to assail a policy backed by President Barack Obama.
The hearing will examine the Fed’s decision earlier this month to buy up to $600 billion in long-term Treasury debt “in light of massive unemployment and the seeming inability of government to invest in infrastructure or to intervene to stop the loss of jobs,” according to a Kucinich press release.
Mr. Kucinich backed legislation that called for an official audit of the central bank, and would like Congress to have more say over monetary policy. The congressman locked horns with Fed Chairman Ben Bernanke last year over whether the Fed knew about mounting losses at Merrill Lynch before it oversaw the investment bank’s shotgun marriage with Bank of America in the fall of 2008.
Next week’s hearing presents Republicans on the Oversight and Government Reform Committee with a platform to further politicize an issue that has become a talking point for GOP leaders and presidential hopefuls alike. The latest round of debt buying has drawn criticism from former Alaska Gov. Sarah Palin, House Republican Leader John Boehner, the speaker-designate, and many others.
On the other side, Mr. Obama and his administration have been staunch defenders of the program, as well as Mr. Bernanke, despite a wave of criticism from central bankers in other countries and members of the opposition party. |
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