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In the News: WSJ
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The WSJ reports that Merk Senior Economic Adviser William Poole submitted testimony stating the Fed should be restricted from purchasing mortgage-backed securities

“…

William Poole, the former president of the Federal Reserve Bank of St. Louis, also submitted testimony Tuesday and supported restrictions on the type of assets the central bank can buy. He particularly criticized the Fed’s decision to buy $1.25 trillion of mortgage bonds. He said if such action was necessary to prop up the economy, the Treasury Department should have directly bought the assets with authorization from Congress.

'The credit resources of the U.S. Government should be decided by Congress and not by an appointed body such as the Federal Reserve,' he said in prepared remarks…"


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