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Senator Vitter Calls Low Fed Benchmark Rate ‘Very Dangerous’

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May 17 (Bloomberg) -- Senator David Vitter said he opposes President Barack Obama’s two nominees to the Federal Reserve Board, saying they would probably back the current “dangerous” central bank policy of keeping interest rates near zero.

“This Federal Reserve has set essentially a zero interest rate policy, an extremely easy money policy, for an extended period of time, a very long period of time, without any end in sight,” said Vitter, a Louisiana Republican, during a Senate debate today. Lawmakers are considering the nominations of Jeremy Stein, a Harvard University professor and Jerome Powell, an attorney and private equity investor who was a Treasury undersecretary for President George H.W. Bush.

“There are many experts, economists, commentators, who think this is very dangerous policy and I share their concerns,” he said.

To contact the reporter on this story: Joshua Zumbrun in Washington at jzumbrun@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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