The letter was signed by House Speaker John BoehnerJohn BoehnerCruz confronts Trump supporter Graham: 'Lucifer may be the only person Trump can beat in a general election' Obama mocks GOP, media and himself in final WHCA dinner address MORE (R-Ohio), House Majority Leader Eric CantorEric CantorRepublicans who vow to never back Trump NRCC upgrades 11 'Young Guns' candidates Cruz, Kasich join forces to stop Trump MORE (R-Va.), Senate Minority Leader Mitch McConnellMitch McConnellReid: Judiciary a 'rubber stamp' for Trump-McConnell Iran and heavy water: Five things to know Overnight Finance: House rejects financial adviser rule; Obama rebukes Sanders on big banks MORE (R-Ky.) and Senate Minority Whip Jon Kyl (R-Ariz.).
The letter was sent just as many Republicans are calling for the Federal Reserve to be reined in, and as one early leader in the Republican presidential primary — Rep. Ron Paul (Texas) — has increased his criticism of the Fed.
It also comes just as the Federal Reserve Board of Governors plans to meet this week to consider what steps it should take to meet its dual mandate of low inflation and steady employment. Because interest rates are already essentially at zero, and the Fed has already said it would keep them there until at least 2013, many economists say there is little else the Fed can do to try to help stimulate borrowing, lending and growth.
Direct congressional pressure on the Fed to make certain decisions is rare, but again, it comes under increasing pressure from some, like Paul, to have Congress take back its authority and/or possibly set up a new mechanism for conducting monetary policy.