Chairman Price Responds to Fed’s Decision to Begin QE3

Washington, D.C. – House Republican Policy Committee Chairman Tom Price, M.D. (R-GA) responded to today’s decision by the Federal Reserve Bank to conduct a third round of quantitative easing (QE3), saying:

“Today’s decision by the Federal Reserve to create additional monetary stimulus is a fairly stark indictment of the Obama Administration’s failed economic policies.  Reckless spending by President Obama and Washington Democrats on failed stimulus packages, preferential industry bailouts and a takeover of health care have added trillions to the national debt but they have not helped get the country back on track to strong economic growth and job creation.  The Federal Reserve is acknowledging as much in their decision to ignore the recommendations of investors and economists and embark on this latest, open-ended effort.

“With 23 million Americans struggling in today’s jobs environment, college graduates still living with their parents and workers approaching retirement concerned about diminished investments, President Obama is absent at a time when this nation needs strong, competent leadership.  Another round of monetary stimulus is no substitute for sound economic policies, and yet the president offers little more than the promise of higher taxes, deficit spending and greater red tape.

“We need to empower entrepreneurs, get the government off the backs of small business job creators and turn the nation away from a fast approaching fiscal cliff that will destroy jobs.  House Republicans have taken action on all fronts.  It’s past time for real leadership from the White House. The future of America depends upon it.”

Chairman Price serves on the House Committee on Ways and Means, as well as the House Committee on the Budget.