Washington, D.C. – U.S. Congressman Kevin Brady of Texas, the top House Republicans on the Joint Economic Committee, made the following statement in reaction to today’s Federal Open Market Committee’s (FOMC) statement that the committee had decided to leave its monetary policy unchanged.
“The Fed needs to move forward with normalizing monetary policy sooner rather than later,” Brady said. “If the Fed does not believe that current economic conditions warrant an increase in its Fed Fund Target rate, it should at least begin the process by scaling back its intervention in financial markets by reducing the size of its balance sheet. A good place to start would be to stop rolling over maturing Treasury securities and to stop reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities.”
