The Phaserl


DAMAGE CONTROL: Ben Bernanke meets privately with Darrell Issa

by Jon Prior, Politico:

Federal Reserve Chairman Ben Bernanke met privately last week with House Oversight and Government Reform Committee Chairman Darrell Issa and other lawmakers to discuss the central bank’s efforts to stimulate the economy and how it could exit this strategy in the future, according to people who attended the meeting.

The meeting followed a letter that Issa (R-Calif.) and Rep. Jim Jordan (R-Ohio) sent Bernanke in April expressing dismay that the Fed was not providing lawmakers with more information about how in the future it plans to wind down its bond portfolio, which has grown to more than $3.3 trillion as a result of the Fed’s efforts to boost economic growth.

In an April 22 letter to the Fed, Issa and Jordan threatened to subpoena Fed documents if more information was not provided by May 6, according to The Wall Street Journal.

“The American people have a right to know the true risks associated with the expansion of the Federal Reserve’s balance sheet,” Issa and Jordan wrote in their letter, according to news reports at the time. “The Fed’s obstruction and lack of transparency must stop.”

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