Newt Gingrich on The Federal Reserve
Speaker Gingrich began calling for an audit of the Federal Reserve in June of 2011. He put forth a petition drive calling for an audit and stated that the economy will remain in a bad state until the Federal Reserve is controlled and Dodd-Frank is repealed. He continued this call for an audit in a speech that same month. He stated that the Federal Reserve's dual mandate of controlling unemployment and inflation should be replaced with a single mandate of stable prices. He also put part of the blame for the housing crisis on the Fed's establishment of low interest rates creating a bubble.
During an August 2011 debate, Speaker Gingrich stated that while the Fed should be controlled, he did not support ending the Fed. He stated that having some kind of central bank is an important part of how you deal with monetary policy in the modern world, but having Chairman Bernanke deal with hundreds of billions of dollars, some estimates as much as $16 trillion in secret is profoundly against a free society. He called for an audit of the Fed andmaking their decision documents from '08 -- '07, '08 and '09 public.
In another Presidential debate, Speaker Gingrich stated that Ben Bernanke had been the most inflationary, dangerous, and power-centered chairman of the Fed in the history of the Fed. He stated that the Fed should be audited and the amount of money that he has shifted around in secret, with no responsibility, no accountability, and no transparency, is antithetical to a free society. He blamed Fed policies for deepening the depression, lengthening the problems, and increasing the cost of gasoline.
Petition to Audit the Fed
In June of 2011, Speaker Paul put forth a petition calling for an audit of the Federal Reserve. He notes the inflationary path the Federal Reserve is pursuing, and the secretive nature of the Federal Reserve Bank. He also states that the economy will stay in a bad state until Dodd-Frank is repealed and the Fed is controlled.
Atlanta Press Club Speech
In June of 2011, Congressman Gingrich spoke at the Atlanta Press Club and devoted the entire speech to the need to reign in the Federal Reserve.
In August of 2011, Congressman Gingirch participated in the Republican debate in Ames, Iowa. He stated that the federal reserve needed to be audited and that it was the primary villian in bad monetary policy.
Reaction to Operation Twist
In September of 2011, Congressman Gingrich reacted to the Federal Reserve's announcement of Operation Twist by releasing a statement claiming that if he was elected President, he would return the Federal Reserve to it's rightful role.
The Federal Reserve should not be making economic policy. As President, I will send to Congress legislation that returns the institution to its proper, limited role of stabilizing prices and preventing rampant inflation.
In September of 2011, Congressman Gingrich participated in the Republican Primary debate at the Reagan library. He was asked about reappointing Ben Bernanke and stated that he would terminate him immediately.
On October 11, 2011 Congressman Gingrich participated in the Dartmouth Economic Debate. In that debate, he was asked about his view of the occupy movement. In a later question, he states that decision documents should be released so that the people can see why certain companies were bailed out and others weren't.
Michigan Economic Debate
In November of 2011, Congressman Gingrich participated in the Michigan economic debate. He discussed his views on taxes and the need for lower regulation, and the need to audit the federal reserve.
Sponsored and Cosponsored Legislation
This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.