[Congressional Record Volume 160, Number 3 (Tuesday, January 7, 2014)]
[Senate]
[Pages S66-S67]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           YELLEN NOMINATION

  Mr. McCAIN. Madam President, yesterday, the Senate voted to confirm 
Janet Yellen to be Chairman of the Federal Reserve. Regrettably, I was 
not in Washington and was not present for the vote. Had I been here, I 
would have voted no on this nomination. While Ms. Yellen may be well-
qualified for this position, I do not support her nomination due to her 
support of monetary policies such as quantitative easing, QE, that have 
distorted the markets and artificially stimulated the economy. With 
interest rates at record lows, economic growth continues to be anemic 
and unemployment rates are higher than normal. During her confirmation 
hearing, Ms. Yellen admitted that there are ``costs and risks'' 
associated with the QE program but still signaled support. QE has done 
little more than increase uncertainty in our economy and opened the 
door for high interest rates in the future. The Federal Reserve must 
stop this ill-conceived,

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wholly irresponsible approach and Congress and the administration must 
enact fiscally responsible policies that strengthen the middle class by 
creating jobs, growing the economy and cutting the red tape that 
continues to hamper the private sector.

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