In January of 2010, Governor Romney stated that he supported the reappointment of Ben Bernanke to the head of the Federal Reserve. He stated that although the Federal Reserve had some blame for the housing crisis and economic problems, Ben Bernanke was the most skilled and capable person to get the country through the economic mess.
In September of 2011, Governor Romney stated in a debate that he would not reappoint Ben Bernanke if he were elected President. He noted his opposition to recent tactics, such as the quantitative easing steps.
In another debate, Governor Romney agreed with the need for greater transparency at the Federal Reserve. He stated that he would not agree with ending the Federal Reserve and he did not trust Congress with managing the responsibilities of the Fed.
Ben Bernanke Reappointment
On January 28, 2010 Governor Romney appeared on Fox News and spoke about the reappointment of Ben Bernanke to the Federal Reserve. He supports Bernanke's reappointment.
Question: Do you think that he (Ben Bernanke) should be reappointed?
Governor Romney: I do, but I understand why some people are hesitant. He missed the housing bubble. And this is the guy that has studied bubbles in the past and should understand why they occur. This housing bubble has been the source of a great deal of pain, and he missed it. As a result, there are a lot of people who are saying that he should be out of that office.
On the other hand, he's pretty skilled at dealing with recessions and depressions, and studying how you avoid depressions. And he's done a pretty good job at avoiding a total financial meltdown. He's done some things well, some things not so well. Net, net i'd rather have him there than someone like Tim Geithner in that office, or someone else that Barack Obama may appoint.
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Obviously, the administration is sitting around looking for scapegoats. Others are looking for scapegoats as well. Ben Bernanke, along with the Federal Reserve that he represents deserve a share of the blame for the financial meltdown. On the other hand, it was something that he did because of politics. It was not something that he missed, it was something that a lot of people missed. He is, in my view, the most skilled and capable person to get us through this mess.
Reagan Debate
In September of 2011, Governor Romney participated in the Republican debate at the Reagan debate. He talks about his opposition to Ben Bernanke's policies.
WILLIAMS: Would Ben Bernanke have a job in your administration?
ROMNEY: No, I'd be looking for somebody new. I'm -- I think Ben Bernanke has -- has over-inflated the amount of currency that he's created. QE2 did not work. It did not get Americans back to work. It did not get the economy going again. We're still seeing declining numbers in prior quarter estimates as to what the -- the growth would be. We're growing now at 1 percent to 1.5 percent.
The plan I put forward just two days ago in Nevada will grow our economy at 4 percent per year for four years and add -- add -- 11.5 million jobs. That's a very different approach than Ben Bernanke's taken, and it's a demonstrably different approach than Barack Obama has taken, and that's in part because we have very different life experiences.
TEA Party Debate
In September of 2011, Governor Romney participated in the TEA Party debate and was asked about the federal reserve. He stated that the Federal Reserve cannot be ended because Congress cannot be trusted to handle monetary supply. He also stated that it should be more transparent.
BLITZER: Governor Romney, is there anything you disagree with -- with -- with Governor Perry on that point?
ROMNEY: Well, my own view is that, quite simply, that the Federal Reserve has a responsibility to preserve the value of our currency, to have a strong American currency, such that investors and people who are thinking about bringing enterprises to this country have confidence in the future of America and in our currency. People will not invest in this country and create jobs in this country for the American people if they don't have belief in our currency.
Of course we should see what the Fed is doing. There should be some oversight to make sure that it's -- it's acting properly.
But at the same time, we recognize that we need to have a Fed. Why -- why do I say that? Because if we don't have a Fed, who's going to run the currency? Congress? I'm not in favor of that. I'd rather have an agency that is being overseen rather than have the United States Congress try and manage our currency.
