The letter was signed by House Speaker John BoehnerJohn BoehnerFormer House leader Bob Michel, a person and politician for the ages Former House GOP leader Bob Michel dies at 93 Keystone pipeline builder signs lobbyist MORE (R-Ohio), House Majority Leader Eric CantorEric CantorGOP shifting on immigration Breitbart’s influence grows inside White House Ryan reelected Speaker in near-unanimous GOP vote MORE (R-Va.), Senate Minority Leader Mitch McConnellMitch McConnellThe Trump Administration has definitely not drained the swamp How does placing sanctions on Russia help America? THE MEMO: Trump's wild first month 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.