Federal Reserve Chairman Ben Bernanke may be a Republican, but that doesn’t make him popular with his fellow GOP members of Congress. Resurgent House Republicans are upset with the Fed’s decision to inject another $600 billion into the financial system by
purchasing Treasuries, The Hill reports.
Republicans already were angry at Bernanke over his support for the bank bailout and the unprecedented explosion of the central bank’s balance sheet – to $2.1 trillion. “The relationship has deteriorated slowly and over time,” says Brian Gardner, a former House Republican aide and now a financial services analyst for Keefe Bruyette & Woods.
One of the Fed’s biggest Republican critics, Rep. Ron Paul of Texas, is in line to take over the Financial Services subcommittee on domestic monetary policy and technology, which oversees the Fed. “I will approach that committee like no one has ever approached it because we’re living in times like no one has ever seen,” Paul tells CNBC.
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