[Congressional Record (Bound Edition), Volume 160 (2014), Part 1]
[Senate]
[Pages 69-70]
[From the U.S. 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

[[Page 70]]

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, 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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