NACBA
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- Joined
- Jan 19, 2010
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- 784
With Congress and the White House seemingly set to butt heads for the next two years, left-leaning community and labor groups are turning to the Fed in an attempt to get an economic policy boost for middle- and working-class Americans.
The resurgence of left-leaning interest in the Fed’s operations further complicates the bank’s efforts to remain above the political fray. The Fed has weathered years of criticism from the right, which argues its unprecedented foray into monetary stimulus after the recession was a recipe for disaster.
But now, with the Fed preparing to finally dial back years’ worth of quantitative easing, it’s the other side that is airing concerns. This time, the worry is that the Fed could tighten policy too quickly, even as millions of Americans still are looking for work or grappling with stagnant paychecks.
But even the people behind the new leftward push on the Fed acknowledge advocacy of the publicly mysterious institution is somewhat novel. Conservative criticism of the Fed has been around for years, first helmed by former Rep. Ron Paul (R-Texas), but a more liberal effort for influence has not been seen in decades.
“This is a new space for us,” said Sebastian. “We don’t know what the effect of this type of engagement will be.”
http://thehill.com/policy/finance/b...iberals-turn-to-fed-in-populist-economic-push
The resurgence of left-leaning interest in the Fed’s operations further complicates the bank’s efforts to remain above the political fray. The Fed has weathered years of criticism from the right, which argues its unprecedented foray into monetary stimulus after the recession was a recipe for disaster.
But now, with the Fed preparing to finally dial back years’ worth of quantitative easing, it’s the other side that is airing concerns. This time, the worry is that the Fed could tighten policy too quickly, even as millions of Americans still are looking for work or grappling with stagnant paychecks.
But even the people behind the new leftward push on the Fed acknowledge advocacy of the publicly mysterious institution is somewhat novel. Conservative criticism of the Fed has been around for years, first helmed by former Rep. Ron Paul (R-Texas), but a more liberal effort for influence has not been seen in decades.
“This is a new space for us,” said Sebastian. “We don’t know what the effect of this type of engagement will be.”
http://thehill.com/policy/finance/b...iberals-turn-to-fed-in-populist-economic-push
