Frank defends Fed’s $600 billion plan

Frank said while the Fed has made some mistakes, its actions during the financial crisis didn’t cause inflation and “things are not as bad as they would have been.” 

Republican congressional leaders wrote a letter to Bernanke last week that said “the Fed’s purchase program has also met broad opposition from other central banks and we share their concerns that quantitative easing by the Fed is neither warranted nor helpful in addressing either U.S. or global economic problems.” 

Frank took issue with that statement on Monday.

“Debating American economic policy is one thing; joining in a broad attack by foreign central banks, who insist that America somehow must subordinate our own legitimate economic needs to their currency requirements, is quite another,” Frank said.