Sen. Moran to vote against Yellen's confirmation to Federal Reserve

WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.) released the following statement today regarding his opposition to the confirmation of Janet Yellen as the Chairman of the Federal Reserve:

“As a member of the Senate Banking Committee, I had the opportunity to ask Dr. Yellen direct questions about her views of our monetary policy. Her answers did nothing to alleviate my concerns about current Federal Reserve policies, including quantitative easing. For five years, the Fed’s asset-purchasing program has masked the true size of our deficit and made it easier for Washington to spend money it does not have. While it has been good for Wall Street, Main Street has been left with limited credit, a higher cost of living, and a lack of job opportunities. We cannot continue on this path without regard to the consequences; massive inflation is around the corner.

“I also remain unconvinced that Dr. Yellen will provide the leadership needed to relieve the regulatory burden on community banks, which play an important role in our financial system. Federal regulators continually fail to take into account the unique characteristics of community banks when rulemaking.

“A new direction is necessary. Unfortunately, Dr. Yellen’s nomination demonstrated a commitment to the status quo. With that in mind, I voted against advancing the nomination out of the Senate Banking Committee and was opposed to the final confirmation.”