Thursday, March 10, 2011

“Quantitative Easing” Request

Dear Friend,

In this Congress, I serve as Vice Chairman of the Domestic Monetary Policy Subcommittee in the House of Representatives. Our oversight responsibilities include reviewing the activities of the Federal Reserve System.

Next Thursday, March 17th, the Domestic Monetary Policy Subcommittee will hold a hearing at 10AM on the topic of Monetary Policy and Rising Prices. The three witnesses currently scheduled to testify are:

Prof. Joe Salerno, Pace University - http://en.wikipedia.org/wiki/Joseph_Salerno
Jim Grant, Grant’s Interest Rate Observer - http://www.grantspub.com/
Lewis Lehrman, investment banker and former member of President Reagan’s Gold Commission - http://en.wikipedia.org/wiki/Lewis_Lehrman

As you know, the Federal Reserve has been printing massive amounts of money as part of a policy they call “Quantitative Easing”. By June, the Fed will have printed roughly $2 trillion over the last two years. The Fed’s money printing is driving up prices for gas, groceries and bills of all kinds for businesses and working families. I strongly disagree with the Fed’s policy; printing money to drive up prices is hurting consumers, and it’s no way to create jobs.

This is why I want to hear from you. I would love it if you would provide me with examples of what you see happening with your bills in the real world, so that I can share them with the committee. Also, if you have ideas for specific questions you would like me to pose to the witnesses, I would love those as well.

Prior to the last Subcommittee hearing over a thousand people wrote me with questions, and I was able to use many of them over the course of the hearing. While time did not allow me to use all of the questions, or to relay all of the personal stories that people shared, my staff and I read every single one and their sentiments were shared with committee staff and officials.
If you have a moment, please email me through my website with your thoughts and questions for the witnesses at next week’s hearing. Please do not reply to this email, as my website is the best way for me to receive email from Eastern North Carolinians. Thanks in advance for your help. I look forward to hearing from you.

Sincerely,

J

Walter B. Jones
Member of Congress (NC-03)

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