January 28, 2010
WASHINGTON, D.C – Citing a myriad of reasons, U.S. Sen. Jim Inhofe (R-Okla.) today voted against Federal Reserve Chairman Ben Bernanke’s confirmation.
“On a variety of matters, Chairman Bernanke’s leadership has proven inadequate to continue leading the Federal Reserve,” Inhofe said. “He failed to see the dangers lurking in the growing market for subprime mortgages, saying as recently as 2007 that they didn’t pose a threat to the broader economy. The subprime market blew up, and now we have one in ten Americans out of work. In addition, he has yet to acknowledge the Federal Reserve’s role in the housing bubble, saying that the ultra-low interest rate policies didn’t lead to the housing bubble. The housing bubble burst, and now one out of five Americans is underwater on their mortgage.
Inhofe continued, “Chairman Bernanke says he supports transparency, yet he says that Congress doesn’t have a right to have a full audit of what the Federal Reserve has done with trillions of taxpayer dollars. He concurred with then-Treasury Secretary Henry Paulson and then-New York Fed Chairman Tim Geithner’s scheme to save the economy with a $700 billion bank bail-out. The scheme was supposed to use taxpayer dollars to purchase toxic assets from banks, but we now know that didn’t happen. Finally, Bernanke supported the current Administration’s $787 billion failed stimulus package which was supposed to keep unemployment under 8 percent. It is now at 10 percent. For these reasons, I believe Chairman Bernanke should be replaced.”