Beranke Under Pressure To Act
SCHUMER TO PRESS BERNANKE TO ACT – Fed Chair Ben Bernanke appears this morning in front of the Senate Banking Committee, the first of two days’ worth of testimony on monetary policy and the state of the U.S. economy. Sen. Chuck Schumer (D-N.Y.) plans to press the Fed chairman for another round of asset purchases to boost growth and hiring. Per a Schumer aide: “In his questioning of Chairman Bernanke Tuesday, Senator Schumer plans to note that election-year politics have prevented Congress from enacting the kind of fiscal relief that the Fed Chairman has subtly suggested is necessary. … “In the face of this lack of cooperation from congressional Republicans, and given the Fed’s own reduced expectations for growth in 2012, Schumer will seek the Chairman’s thoughts on potential monetary policy options, such as a new round of full-scale bond buying. Schumer will express his hopes that with inflation below the Fed’s two-percent target and declining, the Fed sees fit to err on the side of fulfilling the second part of its mandate – unemployment.”