Federal Reserve Chairman Ben Bernanke should show a greater sense of humility about the limits of monetary policy, said Sen. Bon Corker, a Republican senator from Tennessee, in an op-ed in the Financial Times on Tuesday
Corker wrote that the central-bank's asset purchase programs have empowered runaway spending by the federal government, hurt savers and forced investors to "hunt for yield in asset classes to which they are not suited."
Corker said he would seek to narrow the Fed's "dual mandate" of full employment and inflation to a single-minded focus on inflation
He added that the next Fed chairman should have a more limited view of monetary policy
"We must demand a Fed that serves as a utility institution in our economy, not an enabler of some perverse financial-system addiction," Corker wrote
The senator is but the latest Republican to criticize Bernanke's zero-interest-rate policy
Republican presidential candidate Mitt Romney has said that, if he were to be elected, he would not reappoint Bernanke to a third term
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