DeMint Blasts Fed Policy, Secrecy

Sen. Jim DeMint, R-S.C., is quite angry with the Federal Reserve. DeMint is unhappy with its massive easing program and lack of transparency, he wrote in a Politico opinion piece.

“The United States simply cannot print its way out of a recession,” he said. “But the Fed doesn’t appear willing to reverse its policy of debasement or be any more transparent in its future efforts.”

DeMint takes the central bank to task for issuing $1.2 trillion in loans to domestic and foreign banks from 2007 to 2010, “far more than Congress authorized Treasury to spend” in the bank bailout.

“However it may displease officials at the Fed, it’s still subject to Congress. America is not subject to the Fed,” DeMint wrote. “Unfortunately, when Barack Obama became president, he opted not to replace Fed leadership, which helped create and prolong the deep recession that continues to strangle our country’s economic growth.”