Texas Governor and GOP presidential hopeful Rick Perry says Ben Bernanke would be out as chairman of the Federal Reserve if he is elected president.

Plus the U.S. central bank would cease its expansive monetary policies, described by critics as inflation-fueling money printing.

"The statement towards Chairman Bernanke needs to be very clear to him, that making monetary policy to cover up bad fiscal policy is just bad public policy," Perry tells CNBC.
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"What we're seeing is a Fed that is getting involved in things that frankly it does not need to be involved with. Printing money doesn't do anything at this particular juncture except make the dollars in our pocket worth less money, plus it puts us in jeopardy of greater inflation in the future."

In the past, Perry has described Bernanke's policies as "treasonous."

Rick Perry/Ben Bernanke (Getty Images photos)

Bernanke, however, says the Fed is ready to act with more loose monetary policies if inflation falls.

On top of slashing interest rates to near zero, the Federal Reserve has resorted to less common expansive policies, including trillions of dollars in asset purchases from banks, known as quantitative easing, and a recent announcement to reshuffle its Treasury portfolio in a manner to keep long-term interest rates low and encourage more lending and ultimately, more job-creating growth.

"It is something that we're going to be watching very carefully," Bernanke says, according to Reuters.

"If inflation falls too low or inflation expectations fall too low, that would be something we have to respond to because we do not want deflation," Bernanke adds.