WASHINGTON — House Financial Services Committee Chairman Barney Frank on Monday criticized Republicans for joining foreign central banks in recent attacks made 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 on the central bank's recent action to buy an additional $600 billion in Treasury bonds. Additionally, former Republican administration officials and other conservatives sent a separate letter calling to put an end to the Fed's action, known as quantitative easing.
While Frank citied recent remarks of disapproval by China and Germany, he said his disappointment resides with 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."