Vitter: `Good' Meeting With Yellen, Still Undecided

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Nov. 6 (Bloomberg) -- Sen. David Vitter (R-LA) discusses his meeting with Janet Yellen, the nominee to replace Ben Bernanke as Federal Reserve chairman, and his concerns about Fed monetary policy. He speaks with Peter Cook on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

Quantitative easing.

After meeting with yellen, he is still on the fence over her nomination.

I haven't made a decision about the vote.

We had a good meeting and i laid out my concerns and big areas that i'm going to discuss at committee.

The two biggest are ending too big to fail, taking measures that haven't been yet to increase capital requirements, other things to end too big to fail.

Secondly, concerns about this zero interest rate policy.

I am concerned that we are having little to no impact on the positive economic side with diminishing returns on that sort of policy.

We are building up inflationary pressures.

This has been a big issue for you.

You have your bipartisan legislation with senator sherrod brown.

Did you come away from this meeting thinking that janet yellen and you are closer to being on the same page?

Ask the regulators including her have moved toward greater capital requirements for megabanks in our direction.

That has been meaningful.

I think they should go further and i asked her about that.

I urged her to the concrete in terms of further action.

Did she commit to backing your legislation?

She didn't commit to anything that concrete.

Hopefully she is going to be specific and concrete at the hearing.

What about on the subject of monetary policy?

You have had questions about quantitative easing.

What did she tell you about her justification for the fact that quantitative easing is continuing?

She didn't back off that at all.

We just as agreed there.

She called these measures that have been taken, not as dramatic as they might seem.

I disagree.

I think this is a real the archer from any past monetary policy and i'm concerned about dangers in the future.

What worries you the most?

Ultimately, inflation.

I think we have diminishing returns in terms of economic growth.

I think they have squeezed everything they can out of that the money policy and terms of any positive economic road.

We are building up inflationary pressure.

What is your sense about her nomination?

You have got some concerns.

Other republicans have said they are not going to support her.

It will clearly take 60 votes.

Any semi-controversial nomination will take 60 votes.

Any betting person would say she almost certainly gets that.

We are going to have a discussion and see.

I think this discussion in committee can be very important about key issues.

What is it you are looking for her to say?

I would like her to specifically support more stringent capital requirements for the biggest banks.

She is going to have -- do you think the regulatory side of this nomination has gotten the kind of scrutiny you think is needed?

I don't know about in general.

I think that is a huge role of someone in her position.

Monetary policy is too.

I think it is a big role.

On monetary policy, quantitative easing, chairman bernanke, you have heard them testify.

Janet yellen also speaking around the country.

This is action that is unprecedented the of the economy went through so much after the financial crisis.

You are not convinced.

Nobody is arguing that the economy was in the tanks.

I think at this point, after months and months, the returns on that policy are diminished down to nothing.

The dangers are increasing.

What about your legislation right now?

You may not get janet yellen's support right now.

We are continuing to build support.

I think the reaction of the regulators when they lose capital requirements was in part a reaction to our bill.

Senator vitter will get the still on the fence over her nomination.

I haven't made a decision about the vote.

We had a good meeting and i laid out my concerns and big areas that i'm going to discuss at committee.

The two biggest are ending too big to fail, taking measures that haven't been yet to increase capital requirements, other things to end too big to fail.

Secondly, concerns about this zero interest rate policy.

I am concerned that we are having little to no impact on the positive economic side with diminishing returns on that sort of policy.

We are building up inflationary pressures.

This has been a big issue for you.

You have your bipartisan legislation with senator sherrod brown.

Did you come away from this meeting thinking that janet yellen and you are closer to being on the same page?

Ask the regulators including her have moved toward greater capital requirements for megabanks in our direction.

That has been meaningful.

I think they should go further and i asked her about that.

I urged her to the concrete in terms of further action.

Did she commit to backing your legislation?

She didn't commit to anything that concrete.

Hopefully she is going to be specific and concrete at the hearing.

What about on the subject of monetary policy?

You have had questions about quantitative easing.

What did she tell you about her justification for the fact that quantitative easing is continuing?

She didn't back off that at all.

We just as agreed there.

She called these measures that have been taken, not as dramatic as they might seem.

I disagree.

I think this is a real the archer from any past monetary policy and i'm concerned about dangers in the future.

What worries you the most?

Ultimately, inflation.

I think we have diminishing returns in terms of economic growth.

I think they have squeezed everything they can out of that the money policy and terms of any positive economic road.

We are building up inflationary pressure.

What is your sense about her nomination?

You have got some concerns.

Other republicans have said they are not going to support her.

It will clearly take 60 votes.

Any semi-controversial nomination will take 60 votes.

Any betting person would say she almost certainly gets that.

We are going to have a discussion and see.

I think this discussion in committee can be very important about key issues.

What is it you are looking for her to say?

I would like her to specifically support more stringent capital requirements for the biggest banks.

She is going to have -- do you think the regulatory side of this nomination has gotten the kind of scrutiny you think is needed?

I don't know about in general.

I think that is a huge role of someone in her position.

Monetary policy is too.

I think it is a big role.

On monetary policy, quantitative easing, chairman bernanke, you have heard them testify.

Janet yellen also speaking around the country.

This is action that is unprecedented the of the economy went through so much after the financial crisis.

You are not convinced.

Nobody is arguing that the economy was in the tanks.

I think at this point, after months and months, the returns on that policy are diminished down to nothing.

The dangers are increasing.

What about your legislation right now?

You may not get janet yellen's support right now.

We are continuing to build support.

I think the reaction of the regulators when they lose capital requirements was in part a reaction to our bill.

Senator vitter will get the

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

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