Gary Johnson on The Federal Reserve
Governor Johnson has stated that the actions of the Federal Reserve Bank should be more transparent and that it needs to be reviewed and managed effectively. Governor Johnson blames the Federal Reserve Bank for the housing bubble, but also credits them with mitigating that bust. He states that the American people deserve to know the extent to which the Fed has purchased private assets at home and abroad to help ensure that the value of the dollar is not deminished further.
Although he has called for more transparency, he does not feel that the Federal Reserve Bank should be abolished. He is also hesitant about regulating the bank as that would put politicians such as Barney Frank in charge of greater economic power.
Republican Liberty Caucus Interview
In January of 2010, Governor Johnson was interviewed by the Republican Liberty Caucus. He was asked about the federal reserve and monetary policy and states that the federal reserve is responsible for the housing bubble.
L: What is your position on the Fed and the gold standard?
J: The Federal Reserve deserves full responsibility for the housing bubble and as well deserves credit for mitigating the bust. Overriding that, the dollar is now worth a nickel. I understand the arguments for a free market in money and I support them. I shy away from the phrase “regulate the Fed” because I do not want Barney Frank deciding monetary policy. I wouldn’t say the Fed needs to be abolished. I understand the argument for a gold standard, though. The US government should be pursuing a strong dollar policy, which the Fed hasn’t done.
Our America Initiative
Governor Johnson started the Our America Initiative in early 2011. On that website, he discusses the need for oversight of the federal reserve system.
The Federal Reserve Bank needs to be reviewed and managed effectively. The actions of the Federal Reserve should be transparent. Congress should take a close look at how the Federal Reserve Bank is operated and regulated. If changes need to be made within the Federal Reserve Bank, they should be made.
2012 Presidential Campaign Website Statements