WASHINGTON (MNI) – As reported earlier, below is the text of the
letter for Federal Reserve Chairman Ben Bernanke from House Speaker John
Boehner, House Majority Leader Eric Cantor, Senate Minority Leader Mitch
McConnell and Senate Minority Whip Jon Kyl, published Wednesday:

September 19, 2011

Congress of the United States
Washington, DC 20515
The Honorable Ben S. Bernanke
Chairman
September 19,2011
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551

Dear Chairman Bernanke:

It is our understanding that the Board Members of the Federal
Reserve will meet later this week to consider additional monetary
stimulus proposals. We write to express our reservations about any such
measures. Respectfully, we submit that the board should resist further
extraordinary intervention in the U.S. economy, particularly without a
clear articulation of the goals of such a policy, direction for success,
ample data proving a case for economic action and quantifiable benefits
to the American people.

It is not clear that the recent round of quantitative easing
undertaken by the Federal Reserve has facilitated economic growth or
reduced the unemployment rate. To the contrary, there has been
significant concern expressed by Federal Reserve Board Members,
academics, business leaders, Members of Congress and the public.
Although the goal of quantitative easing was, in part, to stabilize the
price level against deflationary fears, the Federal Reserve’s actions
have likely led to more fluctuations and uncertainty in our already weak
economy.

We have serious concerns that further intervention by the Federal
Reserve could exacerbate current problems or further harm the U.S.
economy. Such steps may erode the already weakened U.S. dollar or
promote more borrowing by overleveraged consumers. To date, we have seen
no evidence that further monetary stimulus will create jobs or provide a
sustainable path towards economic recovery.

Ultimately, the American economy is driven by the confidence of
consumers and investors and the innovation of its workers. The American
people have reason to be skeptical of the Federal Reserve vastly
increasing its role in the economy if measurable outcomes cannot be
demonstrated.

We respectfully request that a copy of this letter be shared with
each Member of the Board.

Sincerely, (signed)

Mitch McConnell
Jon Kyl
John Boehner
Eric Cantor

** Market News International Washington Bureau: 202-371-2121 **

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