Armey, Wilson Back Senate Hold on Bernanke
At tonight’s reception celebrating “Tea Party: The Documentary Film,” I asked Rep. Joe Wilson (R-S.C.) and FreedomWorks Chairman Dick Armey about the news that Sen. Bernie Sanders (I-Vt.) may put a hold on the nomination of Ben Bernanke for a second term at the Federal Reserve.
“I actually respect Ben Bernanke,” said Wilson. “He’s from South Carolina. But in my view the confirmation process is very important. I respect a hold. I also support the situation of being able to go through a confirmation process for anyone who’s in a extraordinarily important position, particularly the position he holds.”
Armey was more vehement about the need for a hold on Bernanke. “I don’t think [Bernanke] should get another term,” said Armey. “I think the proudest moment in the modern history of the Fed was when [former Fed Chairman] William McChesney Martin went to Texas and told LBJ ‘no.’ LBJ wanted control over the Fed, and Martin’s position was that the treasury should be a competent, independent agency with no purpose except to maintain the value of the currency. It shocks me that this guy doesn’t understand the limitations of the Fed. It’s time we start thinking inside of the box. Right now, the Fed’s outside of its box.”