WASHINGTON (MarketWatch)
Dallas Federal Reserve President Richard Fisher on Friday reiterated his view that the central bank has done all it can to help the U.S. economy.
It's time, he said, for lawmakers to do their part.
"Better that the Congress and the president - the makers of fiscal policy and regulation - roll up their sleeves" and get to work, he said in a speech in Austin, Texas.
Fisher, a voting member of the Fed's policy committee, has objected to recent efforts of the bank to lower interest rates by buying up debt and injecting more money into the economy.
He said there's plenty of money available if businesses want to expand, but that other concerns are holding them back.
"The Federal Reserve has done everything it can, and more, to reduce unemployment without forsaking our sacred commitment to maintaining price stability," he said.
Further Fed easing is the "wrong path to follow" and could do more harm than good.
Fisher doubts such moves will "motivate the private sector to put people back to work" and might even harm the central bank's creditability.
He also warned that the domestic economy could be threatened by events overseas in Europe or China over which the U.S. has no control.
Fisher will lose his vote in 2012 as part of the regular rotation among the 11 regional Fed banks
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