Tuesday, November 26, 2013

Heritage Action Urges "No" Vote on Yellen

Here is what The Hill newspaper is reporting:
Janet Yellen’s nomination to take over the Federal Reserve ran into conservative opposition on Monday as the advocacy arm of the Heritage Foundation urged senators to vote against her.
Heritage Action announced Monday that it would include a vote on Yellen’s nomination, which is expected to take place in December, on its congressional scorecard. A vote in favor of Yellen will be rated negatively.
The group argues Yellen has failed to present a plan to wind down the Fed’s massively expanded portfolio and said that is reason for the Senate to block her nomination.
In addition to blasting Fed policy, Heritage Action also criticized the Fed’s expanded role in the wake of the financial crisis and enactment of the Dodd-Frank financial reform law. The regulator offered a massive lifeline to financial institutions during the financial meltdown via a host of emergency loans, and now plays a significant role with other regulators in implementing the landmark financial overhaul.
Here is more from Heritage Action.

The Wall Street Journal originally got the story wrong, incorrectly reporting that Heritage Foundation planned to score the votes.  Indeed, it is Heritage Foundation's lobbying arm, Heritage Action, that is scoring the vote.