Patrick McHenryChairman

Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today regarding the Federal Reserve’s announcement of continued monetary stimulus:

“Like a patient who has been administered too many antibiotics, the economy is less and less responsive to the Fed’s continued monetary stimulus. America is nearly five years into the Fed’s historically unprecedented interventionist policies and there is very little gain to show for it. 12 million Americans remain unemployed -- a number roughly equal to the entire population of Ohio. Many others are so discouraged they have given up looking for work, and our so-called recovery is the weakest in modern times.

“It’s time for the Fed to acknowledge the simple truth that the challenges facing our economy today cannot be solved by more monetary stimulus. If the Fed wants to help the economy, it needs to adopt a more predictable, rules-based policy that aims for long-term price stability. That is the policy that will promote long-term economic growth.”