Rep. Huizenga: The Fed Is Due for a Tune-Up

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July 16 (Bloomberg) -- Rep. Bill Huizenga (R-MI) discusses the legislation to curb Federal Reserve powers with Peter Cook on "Street Smart." (Source: Bloomberg)

Policy.

What are you so concerned with the fed right now?

What are you hoping to do with your legislation?

The bottom line is that the fed is willy-nilly in their monetary policy in the last few years.

We want to bring clarity.

A number of economists in congress believe that if we have the fed develop a rule -- they develop it.

It is not us imposing what that role is.

And then let us know and we and the markets can figure out the general direction rather than guessing games all the time.

You heard from janet yellen that he could produce miserable results for the economy.

Welcome in 1995, she also said that having a rule like this would be a good idea.

We don't think it compromises their independence in any way, shape, or form, no more so than any other action congress has.

In fact, this is our primary role, our constitutional duty, to have oversight.

What if they put up a rule and you did not like the rule itself.

Would you be ok with that?

All of the legislation simply says that they have to develop a will and if they do not abide by that rule, they have -- then they can get audited.

That is only after a series of things do not happen.

What is going to happen is, we may not like it, but it is the federal.

We just want to know what it is.

It is like having a problem with the car and not letting the mechanic look under the hood.

Will he get a vote on the house floor this year?

I certainly think chairman handling is going to bring it to committee and am hoping it will be on the floor as well.

On exactly the birthday present that janet yellen is looking for.

Not really.

But i appreciate it.

-- i appreciate it.

This text has been automatically generated. It may not be 100% accurate.

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