Romney calls QE3 another ‘bailout’ for Obama economy

The campaign of Republican presidential nominee Mitt Romney called the Federal Reserve’s third round of quantitative easing another “bailout” for President Barack Obama’s economy on Thursday, while other GOP members wondered whether Fed Chairman Ben Bernanke was doing the administration’s bidding by calling for the jolt to the economy
Shortly after the Fed announced it would purchase $40 billion in mortgage-backed securities each month, Romney campaign policy director Lanhee Chen said in a press release: “The Federal Reserve’s announcement of a third round of quantitative easing is further confirmation that President Obama’s policies have not worked
After four years of stagnant growth, falling incomes, rising costs and persistently high unemployment, the American economy doesn’t need more artificial and ineffective measures We should be creating wealth, not printing dollars.”
House Republican leaders told the Wall Street Journal that the Fed’s action was a sign of failed policies by the Obama administration. Alabama Rep. Spencer Bachus said it was a “scathing indictment” of Obama’s job-creation programs
“Chairman Bernanke has repeatedly—and rightfully—warned Congress and the administration that without action, growing deficits and debt will erode our prosperity and leave the next generation of Americans with less opportunity,” Bachus told the Journal.
“To avoid this fate, we must tackle the necessary long-term reform.”
House Majority Whip Kevin McCarthy of California agreed, the Journal reported: “The actions of the Federal Reserve today make one thing clear: the economic policies of the current Administration have failed miserably.”
Earlier in the day, other Republicans questioned the timing of the Fed’s action
“It really is interesting that it is happening right now before an election,” Rep. Raul Labrador, an Idaho Republican, told The Hill prior to the Fed announcement
“It is going to sow some growth in the economy, and the Obama administration is going to claim credit.”
New Jersey Rep. Scott Garrett echoed Labrador’s remarks, also telling The Hill: “They are the ones who always say they want to remain independent. So they should consider, just how independent are they when they come out, only 50 days before the election, with this?”
But some GOPers were skeptical that politics were at play. Texas Rep. Kevin Brady, who is proposing an overhaul at the Fed, told The Hill he dismissed the prospect of the Fed acting on Obama’s behalf.
“They’re responding to their views of the economy, regardless of the timing,” Brady said. “I don’t think it’s political.”