[Congressional Record Volume 140, Number 48 (Thursday, April 28, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: April 28, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                       WHAT IS THE FED UP TO NOW?

  (Mrs. SCHROEDER asked and was given permission to address the House 
for 1 minute and to revise and extend her remarks.)
  Mrs. SCHROEDER. Mr. Speaker, I just have a slight message for the 
Federal Reserve Bank. You know, I would be the last to ever want to 
politicize the Federal Reserve, because I feel their independence is 
very, very valuable. But I am horrified to see that apparently the 
Federal Reserve has decided to play politics on its own.
  What do I mean by that? They have never raised interest rates before 
in the history of their existence, as well as I can tell, based on the 
data we have now.
  Now, I want to know, No. 1, what economist is telling them that 
whatever they did in the past is wrong and they have to change courses; 
I have not seen anybody saying that, or what kind of data are they 
getting that looks entirely different than the data everybody has seen?
  This is very puzzling, and it could be very harmful to this economy 
that is on its way back. I just want to say to them, ``If you have some 
reason that fits the standard way you have been acting in the past, we 
ought to know it, because otherwise it looks very bad and it looks like 
you are playing politics and trying to do everything you can to try to 
cause trouble in the economy.''

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